Mumbai, Jan 29: Indian benchmark indices extended gains for a third consecutive session on Thursday, recovering from intraday lows after the government’s Economic Survey projected steady growth for the next fiscal year, while metal stocks led sectoral advances.
The BSE Sensex rose 221.69 points, or 0.27%, to 82,566.37, while the NSE Nifty 50 added 76.15 points, or 0.30%, to 25,418.90, closing above the key 25,400 level.
Markets opened weak and remained under pressure for much of the morning, but buying in heavyweight stocks during the second half helped indices close near the day’s highs. Sentiment improved after the Economic Survey forecast GDP growth of 6.8%–7.2% for FY27, compared with an estimated 7.4% expansion in FY26.
The Nifty Bank index outperformed, rising 359 points to 59,958, supported by gains in Axis Bank, ICICI Bank and Federal Bank. Broader markets were mixed, with midcaps edging higher while smallcaps ended marginally lower. Market breadth remained weak, with declining stocks outnumbering advances on both the NSE and BSE.
Among sectors, metal, realty, private banks, power, energy and oil and gas stocks gained between 0.6% and 3%, while pharma, PSU banks, IT, FMCG and auto shares fell 0.7%–1%. The Nifty Metal index jumped nearly 3%, extending its three-session rally to over 8%, led by Hindustan Copper, Tata Steel and Vedanta.
Heavyweights Larsen & Toubro, Tata Steel, Axis Bank, NTPC, Hindalco Industries and ONGC were among the top gainers on the Sensex and Nifty. Asian Paints, SBI Life Insurance, InterGlobe Aviation, Maruti Suzuki and Tata Consumer Products weighed on the benchmarks.
L&T climbed about 4% despite mixed quarterly results, while ABB India surged nearly 10% after its global parent posted strong earnings. Among mid- and small-cap stocks, Gland Pharma rose about 7%, GE Vernova T&D India gained 8%, and Gillette India added nearly 6% on upbeat earnings.
On the downside, Asian Paints extended losses for a fourth session, Maruti Suzuki fell around 2% after a brokerage target cut, while Deepak Fertilisers, Canara Bank and KPIT Technologies declined sharply following their quarterly results.
More than 270 stocks touched 52-week lows, even as over 100 stocks hit fresh highs, highlighting divergent stock-specific trends. The India VIX volatility index fell 1.14% to 13.37, signalling easing near-term volatility.
Globally, Asian and European markets traded mostly higher, while U.S. stocks were mixed overnight after the Federal Reserve kept interest rates unchanged.
Analysts expect range-bound trading on Friday, the last session ahead of the Union Budget on February 1, with 25,500 seen as a key resistance for the Nifty and 25,200 as immediate support.
