Sensex, Nifty surge nearly 2% as auto stocks drive Dalal Street rally
India TodayBenchmark stock market indices closed with strong gains on Thursday, as the benchmark indices Sensex and Nifty rallied nearly 2%, driven by robust performance in the Auto, financial and IT sectors. Auto stocks led the rally following upbeat December sales data, with leading players like Maruti Suzuki and Mahindra & Mahindra reporting strong demand for SUVs and year-end discounts. Likely bargain hunting in quality stocks and anticipation of growth-oriented measures in the upcoming budget also boosted sentiment.” Financials contributed significantly, supported by strong deposit growth updates from banks. Nifty not only crossed the 200-DMA but also surpassed the 50-DMA and 20-DMA, indicating a potential bullish reversal.” The broader market saw mixed action, with mid- and small-cap stocks underperforming the frontline indices.