The Indian stock market benchmarks, the BSE Sensex and the NSE Nifty 50, extended their winning streak to a fourth consecutive session on Wednesday, driven by broad-based buying and positive global cues. The Sensex closed 245 points higher at 62,345, while the Nifty gained 72 points to settle at 18,456.
Market Performance
Among the top gainers, Trent Ltd surged over 7% after the company reported strong quarterly earnings and announced expansion plans. Other notable gainers included HDFC Bank, Reliance Industries, and Infosys, which contributed significantly to the indices' upward movement.
Sectoral Trends
All sectoral indices ended in the green, with the BSE Metal index rising 1.5%, followed by the BSE IT index gaining 1.2%. The BSE Bankex also climbed 0.8%, supported by buying in private sector banks.
Market breadth remained positive, with 1,850 stocks advancing against 1,100 declines on the BSE. The rally was supported by foreign portfolio investors (FPIs) turning net buyers after a prolonged selling spree.
Global Cues
Global markets also provided a tailwind, with US and European indices trading higher on expectations of a pause in interest rate hikes by the Federal Reserve. The positive sentiment spilled over to Asian markets, with Japan's Nikkei and China's Shanghai Composite posting gains.
Analysts expect the momentum to continue in the near term, driven by strong domestic fundamentals and easing inflation concerns. However, they caution that global economic uncertainties and geopolitical tensions could weigh on markets.
