Nifty Crosses 24,000 Milestone Driven by Softening Crude Prices and Heavy Buying in Public Sector Banks

Domestic stock markets kicked off Thursday's trading session on a strongly optimistic note, buoyed by favorable international cues and a welcome moderation in global crude oil prices. Frontline indices surged in early trades, with the benchmark Nifty decisively crossing the crucial 24,000 threshold. Meanwhile, the Bank Nifty index rallied 455 points to trade at 57,627, fueled by robust investor participation across public sector banking, media, private financials, and metal counters. Notably, public sector bank stocks outperformed the broader market, driving the Nifty PSU Bank index up by 1.30 percent as global Brent crude stabilized near $95 per barrel alongside positive momentum across Asian stock exchanges.

Nifty50 Top Gainers and Losers Amid Broad Market Action

The broader market reflected a balanced yet positive sentiment, with the Nifty50 advance-decline ratio standing closely at 26 to 23.

• Top Gainers: Heavyweights and infrastructure counters led the charge, with Adani Ports, Coal India, ICICI Bank, Tata Steel, and Axis Bank emerging as the leading gainers.

• Top Losers: Profit booking and mild selling pressure were observed in select technology and consumer counters, including Tech Mahindra, HCL Tech, Infosys, InterGlobe Aviation (Indigo), and Titan.

Key Corporate Developments and Stocks in Focus

Several prominent companies witnessed active trading volumes on the back of major corporate announcements, regulatory updates, and potential block deals:

• Meesho: Reports indicate that SoftBank Vision Fund entity SVF II Meerkat (DE) LLC is looking to offload approximately 70 million equity shares via a strategic block deal.

• Power Grid Corporation: The state-owned transmission major announced it has successfully secured a prestigious 'Letter of Intent' (LoI) to develop an inter-state transmission system project designed to evacuate clean power from the Rajasthan REZ Phase-IV renewable energy zone.

• Page Industries: The innerwear manufacturer disclosed that it has received a formal legal notice from a Dubai court concerning a financial claim filed against the company by Yellow Flower Trading, Dubai.