Indian equity benchmarks Sensex and Nifty staged a strong recovery on Wednesday, snapping a two-day losing streak, as positive global cues and a decline in crude oil prices boosted investor sentiment.
Sensex and Nifty close higher
The 30-share BSE Sensex surged 443.97 points, or 0.58 per cent, to settle at 76,922.64. During intraday trading, the index jumped as much as 631.41 points, or 0.82 per cent, to touch a high of 77,110.08.
Similarly, the broader 50-share NSE Nifty rallied 140.10 points, or 0.59 per cent, to close at 24,005.85, reclaiming the psychologically important 24,000 mark.
Top gainers and losers
Among the Sensex constituents, Eternal, Asian Paints, Hindustan Unilever, Adani Ports, Mahindra & Mahindra, and State Bank of India emerged as the top gainers. On the other hand, HCL Tech, Tech Mahindra, Tata Consultancy Services, Tata Steel, and Infosys were among the laggards, reflecting mixed sectoral performance.
Broader market and global cues
The BSE MidCap Select index edged up marginally by 0.20 per cent, while the SmallCap Select index eked out a modest gain of 0.02 per cent. On the BSE, advancing stocks outnumbered declining ones, with 2,276 stocks advancing, 1,995 declining, and 176 remaining unchanged.
In the commodity market, Brent crude, the global oil benchmark, dropped 1.07 per cent to USD 72.17 per barrel, providing relief to import-dependent economies like India.
Asian markets presented a mixed picture: Japan's Nikkei 225 index and Shanghai's SSE Composite index settled higher, while South Korea's Kospi ended lower.
Market sentiment and outlook
The rebound comes after two consecutive sessions of decline, driven by a combination of global optimism and easing oil prices. According to market analysts, the positive trend in global markets and the fall in crude oil prices were key factors behind the recovery. Investors will continue to monitor global economic data and corporate earnings for further direction.
