Indian stock markets showed a strong rebound on Thursday, with Sensex and Nifty trading higher, led by IT and financial companies, and mirroring positive trends in Asian markets. A significant development was the surge in sugar stocks due to the government's new stockholding limits aimed at curbing domestic price increases ahead of the festival season. The US Treasury's decision to double buyback operations for long-dated government debt positively impacted global markets, leading to a 17-paise appreciation of the Indian rupee against the dollar, though oil prices remained elevated.

Indian stock markets showed a strong rebound on Thursday, with Sensex and Nifty trading higher, led by IT and financial companies, and mirroring positive trends in Asian markets. A significant development was the surge in sugar stocks due to the government's new stockholding limits aimed at curbing domestic price increases ahead of the festival season. The US Treasury's decision to double buyback operations for long-dated government debt positively impacted global markets, leading to a 17-paise appreciation of the Indian rupee against the dollar, though oil prices remained elevated.

Indian stock markets showed a strong rebound on Thursday, with Sensex and Nifty trading higher, led by IT and financial companies, and mirroring positive trends in Asian markets. A significant development was the surge in sugar stocks due to the government's new stockholding limits aimed at curbing domestic price increases ahead of the festival season. The US Treasury's decision to double buyback operations for long-dated government debt positively impacted global markets, leading to a 17-paise appreciation of the Indian rupee against the dollar, though oil prices remained elevated.

In a turnaround from a bad streak, Indian stock markets opened on a positive note on Thursday, with Sensex and Nifty trading higher. Sensex rose as high as 604 points to 77,513.99 from Wednesday’s close. The Nifty 50 gained as much as 148 points to 24,226.85 in the morning session.

The rise was led by IT and financial companies, and the broader positive reaction from Asian markets. However, the surprise came from sugar stocks.

Sugar stocks rose after the Centre tightened sugar stockholding limits to curb a domestic price surge ahead of the festival season. Under the order, no bulk consumer using more than 10 metric tonnes of sugar a month can keep sugar stocks for more than 15 days. The new restriction will take effect from September 30.

Bajaj Hindusthan Sugar was a major winner among the lot, gaining by more than 8 per cent to trade around ₹22 apiece. It was followed by Simbhaoli Sugars, which gained almost 5 per cent. Shree Renuka Sugars also witnessed a rise of more than 5 per cent. 

Other sugar stocks also advanced, including Avadh Sugar & Energy, Dwarikesh Sugar, Dhampur Sugar Mills, Uttam Sugar Mills, Balrampur Chini Mills and EID Parry. 

Eternal, Zomato’s parent company, led Nifty50, surging up by around 2.31 per cent in the early hours of the session. The other major winners include Shriram Finance, Infosys, and Axis Bank. Among the laggards were Hindalco, Max Healthcare, Sun Pharma, Asian Paints, and ONGC. 

The US Treasury announced that it was taking steps to bring down borrowing rates. It said that it will double buyback operations for long-dated government debt, which has triggered positive reactions in all Asian markets. At the interbank foreign exchange, the rupee also appreciated 17 paise to 95.56 against the dollar. 

However, oil prices remain elevated. Brent crude was trading higher by 0.32 per cent at $91.91 per barrel.