Benchmark stock market indices closed higher on Wednesday, fuelled by a strong rally in IT stocks as positive news over US-India trade deal boosted investor sentiment.
The S&P BSE Sensex jumped 513.45 points to close at 85,186.47, while the NSE Nifty50 gained 142.60 points to end at 26,052.65.
Vinod Nair, Head of Research, Geojit Investments Limited, said that indices staged a strong rebound on renewed optimism over an India–US trade deal, following encouraging comments from the Union Commerce Minister.
“Large caps led the gains, outperforming the broader market. The IT sector rallied on revived hopes of a Fed rate cut, supported by soft U.S. labour data and currency tailwinds, while PSU banks gained on merger-related news and improving fundamentals. Attention now turns to tomorrow’s FOMC minutes for further policy signals,” he added.
The top gainers of today’s session were HCL Technologies, which jumped 4.32%, followed by Infosys at 3.74%. Tata Consultancy Services rose 1.99%, while Hindustan Unilever gained 1.54% and Sun Pharma added 1.39%.
However, the market also saw notable pressure in some large counters. Tata Motors Passenger Vehicles fell the most with a steep drop of 2.79%, followed by Maruti Suzuki, which declined 1.28%. Adani Ports slipped 0.83%, while Bajaj Finance and Asian Paints were down 0.67% and 0.66% respectively.
“We maintain a positive outlook amid the ongoing consolidation phase and expect the Nifty to attempt fresh highs on a decisive breakout above 26,100. Participants should continue to adopt a selective approach, focusing on sectors displaying strength, with a preference for large-cap and stronger mid-cap names,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
