Sensex gains over 800 pts, Nifty rises over 1 pc as IT, metal stocks lead rally

MUMBAI: Indian benchmark equity indices ended higher on Wednesday, with the BSE Sensex gaining nearly 889 points and the NSE Nifty rising over 1 per cent, supported by strong industrial production data, easing concerns over crude oil prices and buying in information technology and metal stocks. The BSE Sensex closed at 77,654.60, up by 888.68 points, or 1.16 per cent, while the NSE Nifty 50 settled at 24,250.20, rising 264.85 points, or 1.10 per cent.

Vinod Nair, Head of Research, Geojit Investments Limited, said, “Given India’s diversified market structure, the case for FII inflows is strengthening with the unwinding of crowded AI trades. Meanwhile, despite the intraday uptick in crude prices driven by renewed tensions in West Asia, the broader decline in oil prices over the week has eased inflation concerns and reinforced optimism around the growth outlook & reduction in operational costs. Domestically, while stronger-than-expected IIP data provided the catalyst for a positive start, the renewed risk appetite helped sustain the gains throughout the session, with IT and metal stocks emerging as key beneficiaries.”

He added that, “Attention now shifts to the U.S. Fed’s policy decision due later tonight, with the widely expected pause in rates unlikely to materially impact Indian markets, as it is mostly already priced in.”

Among the sectoral indices on the NSE, Nifty IT rose 2.32 per cent, Nifty Metal gained 2.31 per cent, Nifty FMCG advanced 1.66 per cent, Nifty Pharma climbed 1.44 per cent, Nifty Media added 1.43 per cent, Nifty Consumer Durables rose 1.43 per cent, while Nifty Healthcare Index gained 1.20 per cent. On the losing side, Nifty Auto slipped 0.06 per cent and Nifty Realty declined 0.33 per cent.

Among the Nifty stocks, Jio Financial Services emerged as the top gainer, rising 4.92 per cent, followed by Hindustan Unilever, Infosys, Hindalco Industries and Tata Steel. Among the laggards, Adani Ports, Mahindra & Mahindra, Power Grid Corporation, Eicher Motors and Bajaj Auto were the top losers. At the time of filing this report, Brent crude was trading at USD 87.77 per barrel, while Crude oil was trading at USD 82.54.

Among other Asian markets, Japan’s Nikkei 225 closed at 61,281.00, down 1.77 per cent. South Korea’s KOSPI settled at 5,663.24, declining 6.36 per cent, while Taiwan Weighted Index ended at 40,039.18, plunging 3.91 per cent. Indonesia’s Jakarta Composite closed at 6,091.39, down 0.64 per cent. On the positive side, Singapore’s Straits Times ended at 5,713.19, up 1.70 per cent, Hong Kong’s Hang Seng settled at 25,801.00, advancing 1.90 per cent, while Shanghai Composite closed at 3,828.47, gaining 0.40 per cent. (ANI)