Indian benchmark equity indices ended sharply higher on Wednesday, with the BSE Sensex rising nearly 889 points and the NSE Nifty gaining over one per cent, buoyed by robust industrial production data, easing crude oil concerns and strong buying in information technology and metal stocks.
The BSE Sensex climbed 888.68 points, or 1.16 per cent, to close at 77,654.60, while the NSE Nifty 50 advanced 264.85 points, or 1.10 per cent, to settle at 24,250.20.
Market sentiment was lifted by stronger-than-expected Index of Industrial Production (IIP) data and optimism over lower oil prices during the week, which eased inflation concerns and improved the growth outlook.
Sectorally, Nifty IT led the gains with a rise of 2.32 per cent, followed by Nifty Metal (2.31 per cent), Nifty FMCG (1.66 per cent), Nifty Pharma (1.44 per cent), and Nifty Media and Consumer Durables, which gained 1.43 per cent each. Nifty Auto and Nifty Realty were the only sectoral losers, declining marginally.
Among Nifty constituents, Jio Financial Services emerged as the top gainer, rising 4.92 per cent. Hindustan Unilever, Infosys, Hindalco Industries and Tata Steel also posted strong gains. Adani Ports, Mahindra & Mahindra, Power Grid Corporation, Eicher Motors and Bajaj Auto were among the laggards.
Investors are now awaiting the US Federal Reserve’s policy decision later in the day, with markets largely pricing in a pause in interest rates.
In the commodities market, Brent crude was trading at USD 87.77 per barrel, while WTI crude stood at USD 82.54 per barrel at the time of filing this report.
Among Asian markets, Singapore’s Straits Times, Hong Kong’s Hang Seng and China’s Shanghai Composite ended higher, while Japan’s Nikkei 225, South Korea’s KOSPI, Taiwan Weighted Index and Indonesia’s Jakarta Composite closed in the red.
