Local indices hit Bull's Aye! 2% bounce best in 6 weeks
Indian equity indices on Thursday outperformed most Asian gauges to surge nearly 2%, logging their biggest single-day gains in six weeks, as steep climbs in Bajaj Finserv and Bajaj Finance and several oversold automobile shares compelled traders to cover their bearish bets.
«The December auto sales numbers were a positive surprise and were ahead of expectations in some pockets, leading to a short covering, and that pushed the markets higher today,» said Pankaj Pandey, head of research at ICICI Direct.
The NSE Nifty spurted 1.9%, or 445.75 points, to close at 24,188.65. The BSE Sensex jumped 1.8%, or 1,436.30 points, to close at 79,943.71.
Both gauges, which logged their steepest daily upsides since November 22, have gained 2.3% in the first two trading sessions of 2025. In December, the two tumbled 2.6% each.
Bajaj Finserv soared 7.9% and Bajaj Finance shot up 6.5%, rebounding from their underperformance in recent months.
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