Stock market benchmark indices Sensex and Nifty ended higher on Wednesday, extending their winning streak to the fourth straight session. The rally was fueled by softening crude oil prices following a peace deal between the United States and Iran.
Market Performance
The 30-share BSE Sensex climbed 347.14 points, or 0.45 per cent, to settle at 77,155.62. During intraday trading, it surged 410.51 points, or 0.53 per cent, to a high of 77,218.99. The 50-share NSE Nifty rallied 96.55 points, or 0.40 per cent, to close at 24,085.70. Intraday, the benchmark advanced 119.05 points, or 0.49 per cent, to 24,108.20.
Top Gainers and Losers
Among the 30 Sensex companies, Trent emerged as the top gainer, jumping 7.06 per cent. Other winners included Bharat Electronics, Eternal, Tata Steel, Infosys, Titan, and Bharti Airtel. On the losing side, Bajaj Finserv, Axis Bank, Kotak Mahindra Bank, and Mahindra & Mahindra were among the laggards.
Crude Oil Impact
Brent crude, the global oil benchmark, traded at around USD 79.10 per barrel. Vinod Nair, Head of Research at Geojit Investments Limited, said, “Continued weakness in crude oil prices, driven by easing geopolitical tensions around the Strait of Hormuz, has kept investor sentiment buoyant.”
Global Market Cues
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225, and Shanghai’s SSE Composite Index ended higher, while Hong Kong’s Hang Seng index settled lower. European markets were trading on a mixed note. US markets ended mostly lower on Tuesday.
FII Activity and Previous Session
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 749.18 crore on Tuesday after a day’s breather, according to exchange data. On Tuesday, the Sensex had jumped 544.15 points, or 0.71 per cent, to settle at 76,808.48, while the Nifty climbed 135.25 points, or 0.57 per cent, to end at 23,989.15.
