Indian Markets Maintain Momentum Ahead of Diwali, Nifty Closes Above 24,700, Sensex Up 480 Points

Indian markets ended the session on a positive note ahead of Diwali, with the Sensex up 480 points and the Nifty closing above 24,700. Asian Paints and Mahindra & Mahindra were the top gainers, while Infosys, HCL Tech, and Tata Steel were among the key laggards. Wipro declined 4% after its Q2 results, according to a MarketsMojo report.

Indian markets closed on a positive note on Thursday, September 12, 2025, with the Sensex up by 480 points and the Nifty closing above 24,700. The day was marked by optimism, driven by expectations of a potential US-India trade truce and strong second-quarter earnings from several key companies.

Asian Paints and Mahindra & Mahindra emerged as the top gainers, with the latter surging 3.1% and the former rising 2.5%. Meanwhile, Infosys, HCL Tech, and Tata Steel were among the key laggards, with Infosys declining 1.5% and HCL Tech dropping 2.2%. Wipro, India's fourth-largest IT services provider, saw its stock fall by 4% after reporting its Q2 results for FY26.

Wipro reported a marginal decline in its net profit for the quarter, with a 2.84% drop quarter-on-quarter but a modest 0.70% increase year-on-year. Despite this, the company maintained a strong operating margin of 19.26% and a healthy balance sheet with zero net debt. The company's revenue growth remained anaemic at 2.54% quarter-on-quarter and 1.77% year-on-year, reflecting the challenging demand environment in the IT sector.

The market's optimism was further fueled by the expectation of a possible trade truce between the US and India, which could boost Q2 earnings growth and attract foreign fund inflows, according to an Economic Times report. Overseas investors slowed their selling, while domestic investors bought shares worth ₹4,076.2 crore, contributing to the rally.

Most sectoral indices ended higher on Thursday, with the Nifty FMCG and realty indices jumping around 2% each. The Nifty consumer durables index and auto indices gained 1.5% and 1.3%, respectively, while the Bank Nifty rose 1.1% and the Nifty Private Bank Index advanced 1.5%. The Nifty Mid-cap 150 and the Small-cap 250 indices also advanced 0.5% and 0.4% each, the report added.

Analysts predict further gains if the trade talks progress, with the Nifty expected to inch toward 26,000 levels in the next couple of weeks. However, post-Diwali, the continuation of gains hinges on the successful conclusion of the US-India trade deal, the same report said.