The Indian equity benchmark indices ended higher Thursday led by strong gains in IT, PSU banks and realty stocks. The Sensex rallied 318.05 points, or 0.58 percent, to close at 54,843.98, while the Nifty ended 82.15 points, or 0.5 percent, higher at 16,364.40.

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Broader markets, smallcap and midcap indices outperformed the benchmarks, ending 2.12 percent and 1.01 percent higher, respectively.

Among sectors, PSU Bank, IT, realty, media, auto and financial services indices rose the most, while Nifty Pharma ended in the red.

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Sensex jumps 318 points, Nifty ends above 16,350 led by IT, banks; smallcaps outperform

"Nifty broke upwards, as expected, post a 6-day range close. The advance decline ratio has turned sharply positive bringing relief to market participants. Broad market indices like smallcap and midcap indices have outperformed the Nifty. There could be a day or two of follow-up upmove for the Nifty (though gradual) while the broader markets continue their upward retracement," said Deepak Jasani, Head of Retail Research, HDFC Securities.

Here are key stocks that moved the most today:

Lupin

Lupin shares extended their losses, falling another 7.08 percent after the company’s first-quarter earnings missed street estimates.

Global brokerage CLSA said that Lupin’s Q1FY22 results were below its estimates and a bigger miss if adjusted for the ‘one-time’ $50 million in licensing income. CLSA cut its FY22-24CL EPS 3%-11%. It maintained a Sell rating on the stock and reduced the target price to Rs 970 per share from Rs 1,080 earlier.

IRCTC

The stock price of IRCTC ended 4.6 percent higher at Rs 2,689.85 apiece on the BSE after the company reported a net profit of Rs 82.5 crore for Q1FY22 versus a net loss of Rs 24.60 crore, YoY. The company's board also approved the splitting of the stock into a ratio of 1:5.

The stock hit a record high of Rs 2,727.95 apiece intraday.

VIP Industries

The share price of VIP Industries jumped 20 percent to close at a fresh 52-week high of Rs 463.30 apiece on the BSE after the company posted a consolidated net profit of Rs 2.53 crore in the quarter ended June 2021 as compared to a loss of Rs 51.32 crore in the year-ago period.

Edelweiss Financial Services

Edelweiss Financial Services ended 4.9 percent higher after Edelweiss Wealth Management said it is targeting to raise $1 billion through a pre-IPO and late-stage private equity fund.

The company, which launched the 'Edelweiss Crossover Opportunities Fund' in March this year, has already raised $500 million across its first three series. It announced the launch of 'Series IIIA' with a target to raise another $200 million under the same strategy.

Power Grid Corporation of India

Power Grid Corporation of India shares rallied 6.22 percent to end at Rs 187.05 after the company approved the proposal to infuse fresh equity of up to Rs 425 crore in Energy Efficiency Services Ltd (EESL), a Joint Venture Company of Power Grid, NTPC, PFC and REC..

Bharat Forge

Shares of Bharat Forge ended 5.62 percent higher after the company reported a net profit of Rs 166.9 crore in Q1FY22 versus a loss of Rs 56.3 crore, YoY. Revenue jumped to Rs 1,337.8 crore from Rs 426.9 crore, YoY. Upbeat management commentary on Q2 outlook also lifted the company's share price.

The stock price hit a 52-week high of Rs 846.60 intraday.