Benchmark stock market indices closed higher on Wednesday, rallying over half a percent, led by gains in PSU banking, financials, and real estate sector stocks.
The S&P BSE Sensex added 575.45 points to end at 82,605.43, while the NSE Nifty50 gained 178.05 points to close at 25,323.55.
Vinod Nair, Head of Research, Geojit Investments Limited, said that the national market inched higher after two days of selling; a dovish comment by the Fed chair on rates and considering an end to its quantitative tightening sparked the global market sentiment.
“The US 10-year yield declined while the rupee gained, indicating a momentum shift in FIIs to emerging markets like India, which may navigate the domestic market trajectory in the short to medium term. Realty outperformed due to an ease in the interest rate cycle and attractive valuation, while positive global cues supported the IT and Metal indices,” he added.
Bajaj Finance led the rally with a sharp rise of 4.03%, followed by Bajaj Finserv, which gained 3.10%. Asian Paints climbed 2.48%, Larsen & Toubro rose 2.23%, and Trent advanced 2.19%, helping the Sensex stay firm through the session.
A few stocks came under pressure. Tata Motors slipped 1.20%, Infosys dropped 1.07%, Tech Mahindra fell 0.62%, Axis Bank was down 0.31%, and Kotak Mahindra Bank declined 0.24%.
At the closing bell, the Nifty Midcap100 index rose 1.11% while Nifty Smallcap100 gained 0.82%. India VIX, the volatility gauge, fell 5.60%.
Among sectoral indices, Nifty Auto was up 0.26%, Nifty Financial Services climbed 1.27%, and Nifty FMCG advanced 0.99%. Nifty IT gained 0.53%, Nifty Metal rose 1.00%, and Nifty Pharma added 0.08%. Nifty PSU Bank surged 1.67%, Nifty Private Bank edged up 0.11%, Nifty Realty jumped 3.04%, Nifty Healthcare Index was up 0.11%, Nifty Consumer Durables increased 0.84%, and Nifty Oil and Gas gained 0.73%.
Nifty Media was the only sectoral index in the red, declining 0.52%.
