Sensex closed at 23,000 after a 1,400‑point surge, the largest single‑day climb since early 2022. Nifty mirrored the move, up 1,200 points to 23,200, pushing the benchmark back above the 23,000 threshold for the first time since September 25.
US Treasury yields cooled sharply after the CPI release, falling 20 basis points to below 5.1% and easing the pressure on market risk appetite. While the US dollar index hovered near 102, the decline in risk‑premium yields is a key tailwind for Indian equities.
Crude prices slipped from above $100 to just under the $100 mark, removing a potential drag on commodity‑heavy indices. The relative stability of oil helped mitigate concerns about inflationary pressure on corporate profits, especially in the energy and infrastructure sectors.
AI and semiconductor stocks, the engine behind the recent underperformance of Indian markets, saw a 2% sell‑off on the Nasdaq and a steeper decline on the KOSPI. The reverse flow benefited IT giants TCS and Infosys, whose double‑digit gains lifted the Nifty IT index by 11% over the past five sessions, adding momentum to the broader index.
Reliance Industries rallied almost 3% on the day, buoyed by the announcement of a ₹30,000‑crore Jio Platforms IPO that will become the biggest ever in India. The move is likely to help the company reduce debt and fund future expansion, sending a positive signal to investors in the telecom and media space.
Large‑cap banks such as ICICI, HDFC and Axis are set to report earnings over the weekend, and their results will be a focal point for traders ahead of the next earnings cycle. Analysts had predicted a moderate 500‑point gain; the actual 1,400‑point move signals a stronger-than‑expected market sentiment, underscoring the impact of global tailwinds on domestic indices.