NSE nifty was up by 0.82 per cent or 181.75 points to 22,305.40 while the BSE sensex was at 73,588.61 up by 0.81 per cent or 592.30 points at 10 am on Thursday.

A total of 3,253 stocks were actively traded, 2,261 advanced, while 896 declined and 96 stocks remained unchanged where 59 stocks hit a 52 week high and 70 stocks hit a 52 week low. .

“The upward directional move expected from early April has been confirmed by the strong 119 rally in Nifty yesterday. The primary catalyst for the ongoing rally is the huge liquidity flows into the market, “ said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

He added that DIIs have pumped in a massive ₹24373 crores into the market during the last seven trading days imparting resilience to the market. Since flows into the market continue and are showing no signs of slowdown, a scramble for high quality stocks with good growth prospects is likely. This was evident in the spurt in Reliance stock yesterday.

A significant trend in the market is the steady performance of industrials like L&T, Siemens, Cummins and ABB. This trend is likely to continue.

Pharma is another sector which is on sound footing. It is important to note that the PSU Bank Index which has given stellar return of 90 per cent in FY24, has further potential to go up since there is valuation comfort in the segment, he said.

Major gainers on the NSE at 10 am include Bajaj Finance (2.07 per cent), Bajaj Finserv (1.65 per cent), Dr Reddy’s (1.49 per cent), Power Grid (1.28 per cent), ICICI Bank (1.26 per cent).

Major losers include, Apollo Hospitals (-1.61 per cent), Bajaj Auto (-0.99 per cent), Britannia (-0.85 per cent), Maruti (-0.75 per cent), HCL Tech (-0.73 per cent)

BSE smallcap was up by 0.80 per cent and Midcap up by 0.23 per cent indicating gains.