Benchmark stock indices Sensex and Nifty rose for the fourth consecutive session on Wednesday, propelled by a further decline in crude oil prices and firm buying in metal and IT stocks. The 30-share BSE Sensex jumped 347.14 points or 0.45 per cent at 77,155.62. During the day, it hit a high of 77,218.99 and a low of 76,768.49, gyrating 450.5 points. The 50-share NSE Nifty zoomed 96.55 points or 0.40 per cent to settle at 24,085.70. The broader market performed in tandem with the benchmarks. While the BSE MidCap Select Index surged 1.20 per cent, the BSE SmallCap Select Index gained 0.31 per cent each.ย
Gains in benchmark indices were led by IT and metals on expectations of a stable US rate cycle and improving global demand.
“The overall market bias remains positive to bullish as the index continues to trade above key support levels and maintains its higher-high higher-low structure. As long as Sensex sustains above the 76,500โ76,700 support zone, the positive momentum is likely to continue. On the upside, immediate resistance is placed around 77,500โ77,600, where some profit booking may emerge. However, the broader undertone remains constructive, and stock-specific action is expected to remain positive,” said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited.
Top gainers and losersย
Among the 30 Sensex firms, Trent, BEL, Eternal, Tata Steel and Infosys were the major gainers, with Trent being the biggest gainer, closing with a gain of 7.06 per cent today. On the flip side, Bajaj Finserv, Axis Bank, Kotak Bank, Mahindra & Mahindra and Maruti were among the laggards. Bajaj Finserv shares closed with a 1.16 per cent dip today.
On Wednesday, shares of 20 out of 30 Sensex companies closed in the green, while the remaining 10 closed in the red. On the other hand, shares of 32 out of 50 Nifty 50 companies also closed in the green, with gains, while the remaining 18 closed in the red.ย
Rupee rises 10 paise
Meanwhile, the rupee appreciated 10 paise to close at 94.50 (provisional) against the US dollar, as Brent crude oil prices and the US dollar index retreated further from their elevated levels.ย Forex traders said the rupee opened on a positive note as Brent crude has fallen below USD 79 per barrel, with markets pricing in the reopening of the Strait of Hormuz following the US-Iran peace framework.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)