The equity markets maintained their positive momentum in afternoon trading on Thursday, with both benchmark indices trading higher, primarily supported by a strong performance in insurance and financial stocks. The BSE Sensex traded at 76,988.54, up 264.46 points or 0.34 per cent from its previous close, while the NSE Nifty rose 87.15 points or 0.38 per cent to 23,300.35 at 12.30 PM.

Insurance stocks emerged as the top performers, with HDFC Life leading the gains on the NSE, surging 8.47 per cent, followed by SBI Life Insurance, which advanced 3.55 per cent. Other notable gainers included Shriram Finance (+2.95 per cent), Bharat Electronics (+2.76 per cent), and IndusInd Bank (+1.82 per cent).

The market breadth remained positive, with 2,724 stocks advancing, compared to 1,102 declining on the BSE. The session saw 84 stocks hitting their 52-week highs, while 49 touched their 52-week lows. Additionally, 246 stocks hit the upper circuit, and 200 stocks hit the lower circuit.

Among sectoral indices, the Nifty Bank index gained 518.80 points or 1.06 per cent to trade at 49,270.50, while the Nifty Financial Services index rose 254.20 points or 1.12 per cent to 22,934.30. The NIFTY NEXT 50 put up a strong performance, rising 825.95 points or 1.30 per cent to 64,465.50.

On the downside, retail major Trent led the losses, falling 3.06 per cent, followed by Dr. Reddy’s Laboratories (-2.39 per cent), Tata Consumer Products (-2.36 per cent), Wipro (-1.81 per cent), and HCL Technologies (-1.71 per cent).

The market sentiment was particularly influenced by the news of Hindenburg Research’s disbanding. Nate Anderson, whose firm’s report on the Adani Group in January 2023 had led to a significant market rout and regulatory scrutiny, announced the disbanding of his short-seller research firm. The development comes after Hindenburg’s investigations had previously wiped out over $130 billion in market capitalisation of the Adani Group, though subsequent regulatory probes remained largely inconclusive.

The mid-cap segment showed resilience, with the NIFTY MIDCAP SELECT index gaining 84.00 points or 0.69 per cent to trade at 12,213.00, indicating broader market participation in the day’s upward movement.