Positive vibes from overseas markets propelled India’s benchmark indices into green at the opening bell on Wednesday. By 9:22 AM, Sensex had gained 353.78 points (0.47%) to stand at 76,424.62, and Nifty rose 112.70 points (0.48%) to 23,698.
IT stocks stole the spotlight early on, topping the gainers’ list with Nifty IT shining bright. Other sectors joining the upswing included automobiles, media, infra, consumer goods, durables, public sector banks, defense plays, services, healthcare, PSEs, real estate, and pharmaceuticals.
Only metals and commodities sectors painted a somber picture in red. The rally wasn’t confined to largecaps; midcaps and smallcaps participated vigorously. Nifty Midcap 100 jumped 544 points (0.99%) to 55,718, with a companion index up 555 points (1.01%) at 55,729.
Sensex heavyweights driving the surge were TCS, Indigo, Trent, HCL Technologies, Infosys, Eternal, Mahindra & Mahindra, Tech Mahindra, Power Grid, Adani Ports, Axis Bank, Bajaj Finance, Bharti Airtel, BEL, Bajaj Finserv, Larsen & Toubro, Maruti Suzuki, and ABB. On the flip side, HDFC Bank, ICICI Bank, Tata Steel, and Kotak Mahindra Bank trailed.
Traders are cautiously optimistic ahead of the US Fed’s policy verdict today, culmination of a meeting sparked amid Iran war escalations on March 17. This decision could dictate market directions in the near term.
Across Asia, gains prevailed in Tokyo, Bangkok, Seoul, and Jakarta, contrasting losses in Shanghai and Hong Kong. Wall Street ended Tuesday on a high note.
FII selling persisted, with net sales of Rs 4,741.22 crore Tuesday, partially offset by DII purchases of Rs 5,225.32 crore. The session’s trajectory will hinge on Fed signals and ongoing global cues.