Indian Stock Markets Extend Gains on Cooling Inflation, Strong Bank Nifty; Sensex Nears 85,000, Nifty Eyes 26,000 Mark

Mumbai, December 13 (TNA) The Indian stock markets continued their positive momentum on Thursday. The Sensex gained approximately 296 points, rising to around 84,763, while the Nifty index added 88 points to trade near 25,964 levels.

The markets extended their gains influenced by easing inflation and an upbeat global mood, which lifted investor sentiment. Among sectors, the financial and IT stocks led the rally on the Sensex and Nifty.

The Nifty Bank index hit a fresh record high of around 58,609, surpassing its previous highs. Broader market indices like the Nifty Midcap reached their own 52-week peaks. However, some profit booking was noticed in the Realty and Defense sectors despite their strong momentum.

In terms of stock movements, key gainers included Asian Paints, Adani Enterprises, Tech Mahindra, Tata Consultancy Services (TCS), and HDFC Life. Losers comprised Tata Steel, Bharat Electronics, Shriram Finance, and Grasim Industries.

Foreign Institutional Investors were net sellers with a net outflow worth Rs 1,750 crore, while Domestic Institutional Investors bought shares net to the tune of Rs 5,127 crore, showing continuing domestic confidence.

Upcoming events include the Excelsoft Technologies IPO launch scheduled for November 19, with the company targeting to raise Rs 500 crore through fresh and offer-for-sale shares.

Overall, the market sentiment remains bullish with technical analysts predicting a continued uptrend in the near term, with the Nifty potentially reaching the 26,000 mark soon. Immediate support levels are placed around 25,700.