Mumbai– Indian stock markets closed higher for the second consecutive day on Wednesday, buoyed by strong buying in media and technology stocks as investors reacted positively to easing geopolitical tensions and a drop in crude oil prices.
The Sensex jumped 700.4 points to close at 82,755.51, up 0.85 percent, while the Nifty gained 200.40 points, ending the session at 25,244.75, an increase of 0.8 percent.
Investor sentiment was lifted after a ceasefire between Iran and Israel helped reduce geopolitical risks in the Middle East, while a sharp decline in crude prices offered relief to oil-importing economies like India.
Top gainers on the Sensex included Titan Company, Mahindra & Mahindra, Infosys, Power Grid, TCS, and Bharti Airtel — all registering gains of up to 3.6 percent. On the downside, Bharat Electronics Limited (BEL), Kotak Mahindra Bank, and Axis Bank were among the major laggards, declining as much as 3 percent.
Broader markets mirrored the bullish trend. The Nifty MidCap index rose by 0.44 percent, and the Nifty SmallCap index surged 1.5 percent.
Among sectoral indices, Nifty Media led the rally with a 1.99 percent gain, followed by Nifty IT (up 1.64 percent) and Nifty Consumer Durables (up 1.43 percent).
“The easing of tensions in the Middle East and the drop in crude prices have helped stabilize investor sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services. “These factors, along with a favorable monsoon forecast and moderating inflation, are strengthening the market’s recovery.”
Despite ongoing foreign institutional selling, the broader mood turned optimistic as global risk appetite improved.
Meanwhile, the Indian Rupee traded largely flat near 86.10 against the U.S. dollar after posting a sharp rally of over 0.75 percent in the previous session. It moved within a narrow range of 86.00 to 86.15 during the day.
Looking ahead, traders are focused on upcoming U.S. economic data, including the PCE Price Index and GDP figures, which are expected to influence global market direction.
“The Rupee is likely to trade between 85.70 and 86.25 in the near term,” said Jateen Trivedi, VP Research Analyst at LKP Securities. (Source: IANS)
