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Banking and auto stock rallies led indices higher for the second consecutive session on Thursday. Sensex gained 318.74 points to close at 77,042.82, while Nifty rose 98.60 points to settle at 23,311.80.

UBS predicts that the Budget’s focus on fiscal discipline may dampen market sentiment, particularly if FY26 capital expenditure remains unchanged at Rs 11 trillion, similar to FY25. This could negatively impact infrastructure-heavy sectors like Larsen & Toubro and core infrastructure firms, as their reliance on domestic orders, coupled with limited overseas opportunities, makes subdued public capex a potential challenge for growth.

The rally was driven by a decline in U.S. inflation in December, raising expectations of additional interest rate cuts by the Federal Reserve.

Waaree Renewable Technologies reported a 16.7% YoY net profit decline to ₹53.50 crore for Q3 FY24, despite a 12.4% income rise. The company announced a ₹1/share interim dividend and saw its stock drop 7.2% amid CFO resignation and market volatility.

The Nifty IT index closed 0.49 per cent at 43188.85.

The Indian market closed higher for the third straight day on Thursday, with the Sensex gaining 300+ points and Nifty50 surpassing 23,300. Capital goods, telecom, and metals drove gains, while select stocks hit fresh highs.

Markets expert Samir Arora challenges the commonly held view of an extraordinary bull run. Through his analysis of the Nifty and broader indices, Arora advocates for a more measured approach to market expectations, focusing on long-term, money-weighted returns.