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Amid mixed signals from global markets, the Indian stock market closed in the green for the second consecutive session on Thursday. The Sensex gained 374 points, while the Nifty closed above 24,600. Prior to Tuesday’s decline, the domestic market had already recorded four consecutive sessions of gains.

At market close, the 30-share BSE Sensex rose 373.76 points, or 0.48 percent, to 78,954.76, while the Nifty50 advanced 11.35 points, or 0.05 percent, to 24,636.00. In the broader market, the Nifty Midcap declined 0.44 percent, while the Nifty Smallcap rose 0.48 percent.

Sectorally, Nifty PSU Bank was the biggest gainer, rising 2.20 percent. It was followed by Nifty Oil & Gas, which rose 0.8 percent. Additionally, Nifty Consumer Durables and Financial Services gained 0.17 percent.

In contrast, Nifty Media was the weakest performing sector, falling 1.28 percent, while Nifty Realty also declined 1.32 percent. Nifty Auto and Nifty Metal also declined 1.01 percent and 0.99 percent, respectively, while Nifty IT declined 0.95 percent.

In the Nifty50 index, SBI, BEL, Eternal, Titan, Shriram Finance and Cipla were the top gainers, while Power Grid, Tata Steel, JSW Steel, TCS and Bajaj Auto were the biggest losers.

Markets were supported by softening crude oil prices and intensified diplomatic efforts to normalise shipping activities through the Strait of Hormuz and restore regional stability, a market expert said.

RBI’s stable policy stance and positive growth outlook further boosted market sentiment, leading to selective buying in heavyweight, banking and energy stocks.

Experts said investors are also expecting better earnings in the coming quarters as softening crude prices could ease inflationary pressures and help boost margins.

Amid this shift in market sentiment, O2C-based businesses, after a prolonged period of underperformance, are now witnessing ‘bargain buying’ as markets reassess their long-term value in energy, telecom, retail and other sectors.

Although profit booking was seen in several sectors like auto, metal, IT, realty and cement, the broader market remained strong due to gains in small-cap stocks.