Indian equity markets traded with key positive bias on Thursday, with the BSE Sensex rising around 200 points and the NSE Nifty 50 moving above the 24,100 mark during morning trade. The rally was led by a strong rebound in IT stocks, optimism surrounding the ongoing earnings season, and supportive global cues. However, gains remained measured as weakness in financial stocks and geopolitical concerns in the Middle East kept investors cautious.

1. Strong Rebound in IT Stocks

The biggest driver of today’s rally is the sharp recovery in information technology stocks. Heavyweights including Wipro, Tech Mahindra, Infosys, and TCS witnessed strong buying ahead of their quarterly earnings announcements. Investors are optimistic that the sector may deliver resilient earnings despite global macroeconomic uncertainties, making IT the best-performing sector of the day.

2. Optimism Ahead of Q1 Earnings

Market sentiment has improved as investors position themselves ahead of the upcoming June-quarter earnings announcements. Strong expectations from large-cap technology companies and manufacturing firms have encouraged selective buying in quality stocks. The earnings season is expected to provide fresh direction to the markets over the coming weeks.

3. Positive Global Cues Support Sentiment

Indian equities are taking support from overnight gains on Wall Street, although Asian markets are trading mixed. Investors continue to focus on resilient global corporate earnings and expectations of stable monetary policy. The positive global backdrop has encouraged buying in export-oriented sectors, particularly information technology.

4. Financial Stocks Limit the Market’s Upside

While IT stocks have supported the benchmarks, weakness in insurance and financial stocks has restricted further gains. Shares of several insurers came under pressure after disappointing quarterly earnings and concerns over slower growth, resulting in underperformance in the financial sector despite the broader market remaining in positive territory.

5. Geopolitical Concerns Keep Investors Cautious

Despite today’s gains, investors continue to monitor developments in the Middle East following renewed tensions involving the US and Iran. Brent crude remains elevated near $85 per barrel, raising concerns over inflation and input costs. However, domestic investors have largely looked beyond these risks for now, supported by earnings optimism and improving market sentiment.

Key Technical Analysis

Sensex Technical Outlook

The Sensex has recovered above the 77,300 level and is attempting to extend yesterday’s gains. The index continues to trade within a broad consolidation range but is showing signs of renewed buying interest. Immediate resistance is placed near 77,700–77,900, while support is seen around 77,000. A sustained move above resistance could trigger fresh upside momentum.

Nifty 50 Technical Outlook

The Nifty 50 has reclaimed the 24,100 mark and is trading with a positive bias. The index remains above its immediate support at 24,000, indicating that buyers continue to defend lower levels. Resistance is placed near 24,200–24,250, and a breakout above this zone could push the index towards 24,400 in the near term.

Bank Nifty Technical Outlook

Bank Nifty is underperforming the broader market due to weakness in insurance and select financial stocks. However, the index continues to hold above its crucial support zone, indicating that the broader banking trend remains intact. Immediate support is placed near 57,200, while resistance is seen around 57,800–58,000. A sustained move above resistance could revive bullish momentum in the banking space.

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