The benchmark indices, Sensex and Nifty 50, ended higher on Thursday tracking a rally in global markets as the Sensex was up 0.82 per cent closing at 72,692.29, and the Nifty 50 was up 0.80 per cent at 22,014.80.

The rally in the domestic market was after the US Federal Reserve maintained its projection of three rate cuts this year, boosting investor sentiment.

Mid and smallcap indices outperformed the benchmarks as the BSE Midcap index jumped about 2.36 per cent while the Smallcap index rose 2.01 per cent .

All the sectoral indices were trading with firm gains, reflecting a broad-based optimism among investors. The broader markets also rebounded with the BSE Midcap and the Small-cap indices gaining nearly 2 per cent .

However, the Nifty Realty and Nifty PSU Bank rose the most and Nifty Bank and Nifty FMCG saw the least gains.

Further, a long build-up was seen in REC, NALCO, and Muthoot Finance while a short build-up was seen in Petronet, Abbott India, and Shriram Finance.

The overall market capitalisation of BSE-listed firms jumped to nearly Rs 380 lakh crore from nearly Rs 374 lakh crore in the previous session.

Notably, the stocks of oil marketing companies (OMCs) such as BPCL, IOC, and HPCL also extended their winning streak for the second straight day.

Reliance Industries (RIL) shares showcased a remarkable surge of nearly 45 per cent over the past year. It significantly outpaced the equity benchmark Nifty 50, which has also seen an impressive gain of about 29 per cent during the same period.

On Thursday, the share price of Reliance rose about a per cent amid positive market sentiment. Reliance share price opened at Rs 2,905.05 against the previous close of Rs 2,887.50 and touched its intraday high of Rs 2,915.80.

At Sensex, NTPC (3.55 per cent ), Power Grid Corporation Of India (3.40 per cent ), Tata Steel (2.99 per cent ), Indusind Bank (2.93 per cent ), and Tata Motors (2.57 per cent ) were the top gainers.

On the other hand, Bharti Airtel (0.83 per cent ), ICICI Bank (0.24 per cent ), Maruti Suzuki India (0.23 per cent ), and Asian Paints (0.06 per cent ) were the top losers.

Markets surged strongly and gained nearly a per cent, tracking favourable global cues.

The US Fed left the benchmark interest rates untouched at the range of 5.25 per cent to 5.50 per cent and signalled there could be three rate cuts this year.

This move seemed to uplift market sentiment, as investors eagerly sought clarity regarding the trajectory of interest rate cuts.