Markets surge for 2nd day; Sensex jumps 862 points tracking rally in global peers

Mumbai, Oct 16 (PTI) Equity markets ended sharply higher on Thursday, with the benchmark Sensex rising 862.23 points and the Nifty scaling 25,585.30 level, tracking a rally in global markets amid US Fed rate cut hopes.

Fresh foreign fund inflows also added to the markets' optimism.

The 30-share BSE Sensex jumped 862.23 points or 1.04 per cent to settle at 83,467.66. During the day, it zoomed 1,010.05 points or 1.22 per cent to 83,615.48.

The 50-share NSE Nifty surged 261.75 points or 1.03 per cent to 25,585.30.

From the Sensex firms, Kotak Mahindra Bank, Titan, Axis Bank, Adani Ports, Mahindra & Mahindra, Reliance Industries, Tata Motors and HDFC Bank were among the major gainers.

However, Eternal and Infosys were the laggards.

In Asian markets, South Korea's Kospi jumped 2.49 per cent, Japan's Nikkei 225 index climbed 1.27 per cent, and Shanghai's SSE Composite index went up by 0.10 per cent. Hong Kong's Hang Seng ended lower.

Markets in Europe were trading higher.

US markets ended mostly higher on Wednesday.

"Domestic equities extended their strong recovery rally, buoyed by positive global cues and renewed optimism surrounding India–US trade discussions. Sentiment was further lifted by expectations of a Q3 FY26 demand revival, early signs of FII inflows, supported by dovish commentary from the US Fed, and a softer dollar index," Vinod Nair, Head of Research, Geojit Investments Limited, said.

Commerce Secretary Rajesh Agrawal will join the Indian delegation in the US today for trade talks, with India indicating its readiness to step up energy imports from America. The Indian negotiating team is already in Washington for trade talks.

Global oil benchmark Brent crude climbed 0.57 per cent to USD 62.26 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 68.64 crore on Wednesday, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth Rs 4,650.08 crore.

On Wednesday, the Sensex jumped 575.45 points or 0.70 per cent to settle at 82,605.43. The Nifty climbed 178.05 points or 0.71 per cent to 25,323.55. PTI SUM ANU