Rally lifts Sensex over 400 points and Nifty above 24,100
The Indian stock market had another strong day on Thursday, with the Sensex climbing over 400 points and Nifty trading above 24,100.
The rally was fueled by a sharp drop in crude oil prices and lower market volatility (India VIX fell to 13.19), making things look a bit steadier for investors.
India's IT stocks surge nearly 3%
Infosys led the pack with nearly a 3% jump, while HCL Tech, TCS, and Tech Mahindra also posted solid gains.
IT stocks overall surged nearly 3%, and realty and metal sectors saw almost 1% growth each.
Strong car sales in June (up over 24%) and less selling from foreign investors kept the positive momentum going.
As VK Vijayakumar put it, "The strength in the banking segment and digital platform companies is likely to continue in anticipation of good Q1 results" and added that "whether India's outperformance will continue or not will be determined to a large extent by the progress of the monsoon."