In Mumbai, the Indian stock market witnessed an upward trajectory on Thursday, driven by robust domestic signals. By 2:40 pm, the Sensex had surged by over 1000 points, marking a 1.44 percent increase, reaching 75,288 points. Concurrently, the Nifty experienced a gain of 329 points, equating to a 1.46 percent rise, reaching 22,927 points. This marks a significant milestone as the Nifty surpasses the previous benchmark of 22,794 points.

Commencing at 22,614.10, the Nifty 50 opened higher than its prior close of 22,597.80 and soared by 1.6 percent, reaching a new peak of 22,959.70 within the trading session.

Meanwhile, the Nifty midcap index exhibited a rise of 238 points, constituting a 0.46 percent increase, settling at 52,405 points. Similarly, the Nifty smallcap index advanced by 27 points, a 0.17 percent uptick, reaching 16,909 points. The India Volatility Index (India VIX) maintained stability, trading steadily at 21.47 points. The latest HSBC Flash Purchasing Manager’s Index (PMI) data for May unveiled a record surge in exports and the most significant spike in employment in nearly 18 years, which bolstered market sentiments.

Among sectoral indices, Automotive, Information Technology, Public Sector Banks, Financial Services, Realty, Private Banks, and Infrastructure emerged as prominent gainers. Conversely, Pharmaceuticals, Fast-Moving Consumer Goods (FMCG), Metals, and Energy sectors lagged behind. Notable gainers include Axis Bank, Larsen & Toubro, Maruti Suzuki, Mahindra & Mahindra, IndusInd Bank, Infosys, Bajaj Finserv, State Bank of India (SBI), Titan, and ICICI Bank. Conversely, Sun Pharmaceuticals, Power Grid Corporation, NTPC, JSW Steel, ITC, and Tata Steel witnessed declines in the Sensex.

The surge in both indices follows the Reserve Bank of India’s (RBI) approval of a record surplus transfer of Rs 2.11 lakh crore to the government for the fiscal year 2023-24.