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India VIX was up by 1.59% from 11.60 to 11.78 levels. Volatility spiked to create momentum and cheer the bulls at lifetime high zones. Option data suggests a shift in trading range between 19700 and 20300 zones while an immediate trading range between 19800 and 20200 zones

Sectorally, buying was seen in FMCG, banks, healthcare, and energy stocks while some profit-taking was seen in IT, power, and capital goods stocks. Stocks that were in focus include names like Suzlon Energy, which rose 5%, PNC Infratech closed nearly 2% higher and Polycab India closed with gains of over 9% on Thursday.

Taking note of the uncertain global environment, the software major sharply cut its FY24 revenue growth estimate. Infosys now sees revenue growing just 1-3.5% in constant currency terms, against 4-7% earlier.

Index heavyweight Reliance Industries gained 1.2%, after a new price discovery post its demerger with Jio Financial Services. The discovered price for Jio Financial Services was Rs 261.85, ahead of the Street estimates of Rs 160-190. Sector-wise, Nifty FMCG surged 1.35%, and Nifty Bank rose 1.13%.

Price targets by analysts help indicate the future estimated value of a stock. They help investors make decisions about buying, selling or holding a particular security.

The company had posted a net profit of Rs 261.10 crore in the corresponding quarter of the previous financial year.

The Indian rupee strengthened against the US dollar by 12 paise to close at 81.96 on Thursday. This was due to the boost in investor sentiment due to domestic equity benchmarks scaling all-time high levels and a decline in the American dollar in the overseas market. Further, uninterrupted foreign fund inflows into domestic capital markets also supported the rally.

Larsen and Toubro (L&T) will consider a share buyback at its board meeting on 25 July. L&T board is also meeting that day to approve the results for the June quarter. In the meantime, the company also announced that its board has approved the merger of two of its wholly-owned subsidiaries - L&T Innovation Campus (Chennai) Limited with L&T Seawoods Limited.

Nifty50 missed the 20,000 mark by a whisker and ended at 19,979, up 146 points or 0.74% while the S&P BSE Sensex settled at 67,571, higher by 474 points.

The Nifty Realty index closed 0.03 per cent up at 536.3.