Virendra Pandit
New Delhi: After several weeks of volatility, Indian benchmark indices Sensex and Nifty50 zoomed over 1 percent and ended near record highs on Wednesday, supported by broad-based buying across sectors because of positive global cues like Fed rate cut hopes.
At the close, the BSE Sensex stood at 85,609.51, up 1,022.5 points or 1.21 percent, while the NSE Nifty50 settled at 26,205.3, up 320.5 points or 1.24 percent.
The Bajaj twins (Bajaj Finance and Bajan Financial Services), Reliance Industries, Sun Pharma and Tata Motors PV were among the top gainers on Sensex. On the downside, Bharti Airtel and Asian Paints were the only laggards.
All sectoral indices closed in the green, with Nifty Metal leading the rally, up 2.06 percent, followed by Nifty Consumer Durables (up 1.75 percent) and Nifty Energy (up 1.74 percent).
Broader markets also advanced, with the Nifty Midcap 100 and Nifty Smallcap 100 indices ending higher by 1.27 percent and 1.36 percent, respectively.
Equity benchmarks extended morning gains to trade over 1 percent higher in afternoon trade on Wednesday. The rally built on morning momentum driven by strong global cues and expectations of US Federal Reserve rate cuts following data indicating cooling inflation and softening demand.
Sensex opened at 84,503.44 against its previous close of 84,587.01, while Nifty started at 25,842.95 compared to the prior session’s close of 25,884.80. Both indices sustained gains through the session, with the Nifty recording a 1.11 percent increase and the Sensex adding 1.08 per cent.
Market breadth remained firmly positive with 2,728 stocks advancing against 1,229 declines on the BSE, where 4,144 stocks were traded. A total of 95 stocks touched 52-week highs while 126 hit 52-week lows. Some 160 stocks were locked in the upper circuit and 148 in the lower circuit.
JSW Steel led the Nifty gainers with a 3.64 percent jump to Rs. 1,152.50, followed by HDFC Life which rose 2.47 percent to Rs. 785.50. Bajaj Finance gained 2.35 per cent to Rs. 1,009.40, while Bajaj Finserve climbed 2.26 per cent to Rs. 2,076. Jio Financial Services advanced 2.14 per cent to Rs. 307.25.
Only two stocks declined on the Nifty index. Bharti Airtel fell 1.39 percent to Rs. 2,131.60, while SBI Life edged down 0.04 percent to Rs. 2,030.10.
Broader indices mirrored the benchmark’s strength, with the Nifty Next 50 up 1.32 percent at 69,074.60, Nifty Financial Services rising 1.28 percent to 27,761.50, and Nifty Bank adding 1.11 percent to 59,472.20. The Nifty Midcap 100 gained 1.04 percent to 60,925.05, and the Nifty Smallcap 100 advanced 1.10 percent to 17,925.70.
Foreign institutional investors turned net buyers with inflows of Rs. 785.30 crore, while domestic institutional investors pumped in nearly Rs. 3,912 crores. Crude oil prices remained at USD 57.2 per barrel on reports of a revised Ukraine-Russia peace framework, while India VIX stood at 12.24 in the morning, indicating stable market sentiment.