The key domestic equity indices skyrocketed on Thursday, sharply recovering from the last day's close. Sensex, the 30-share index of BSE, surged 1,533.72 or 2.11 per cent to close at 74,315.61.Nifty50 soared 374 points or 1.66 per cent to settle at 22,997.35. 

Meanwhile, Indian currency--Rupee-- continued its gaining streak for the fifth straight session, jumping 12 paise to close at 95.05 (provisional) against the US dollar.

4 Key Factors Behind Rally in the Stock Market 

The rally in the market was attributed to heavy buying in banks, IT stocks and an uptick in Reliance Industries shares amid the announcement of the IPO of Jio Platforms and easing crude oil prices.

1- Rally in Reliance Industries Shares 

The shares of Reliance Industries surged 4.03 per cent during the intraday trade after its digital and telecom arm, Jio Platforms, announced bidding dates,  setting a price band of Rs 1,065 to Rs 1,119 per share for its initial public offering. At the upper end of the price band, the company will raise about Rs 30,213 crore, making it India's largest ever initial share sale.

The IPO will open on October 21 and close on Friday, October 23.

Also Read: India’s Biggest IPO Is Here: How Jio’s Rs 30,213 Cr All-Fresh Issue Differentiates It From Hyundai, NSE And LIC Share Sales

2- Buying In IT Stocks And Banking Stocks  

Buying interest in IT giants such as Tech Mahindra (4.61%), HCL Technologies ( 2.51%), and TCS (2.28%) played a crucial role in shaping market sentiment in today’s session.  Meanwhile, HDFC Bank and other banking heavyweights traded in green as well. 

3- Ease In Crude Prices

Crude oil prices cooled a bit from the $105 per barrel level, giving a boost to the Indian market. Brent crude, the global oil benchmark, was down 2.3 per cent to USD 103.6 per barrel.

4- Uptick In Indian Rupee

Meanwhile, Indian currency--Rupee-- continued its gaining streak for the fifth straight session, jumping 12 paise to close at 95.05 (provisional) against the US dollar.

The development is supported by the ongoing impact of the Reserve Bank of India's structural forex interventions.

Asian Market Falls 

Asian markets mostly declined, with South Korea's Kospi falling 7.57% and Japan's Nikkei 225 dropping 4.90%. The Shanghai Composite and Hang Seng indices also logged losses, while European markets traded mixed.

On Wednesday, domestic benchmarks slipped as the Sensex dropped 251.89 points (0.34%) to 72,781.89, and the Nifty fell 99.25 points (0.44%) to close at 22,622.70.