Indian stock markets staged a strong comeback on Wednesday as benchmark indices Sensex and Nifty snapped a three-day losing streak, propelled by heavy buying in metal and PSU bank stocks. The rally was supported by upbeat global cues, with Asian markets tracking overnight gains on Wall Street.
Market Rally Adds ₹4.23 Lakh Crore to Investor Wealth
The S&P BSE Sensex surged over 750 points, touching a day high of 85,360, while the NSE Nifty 50 climbed more than 200 points, reclaiming the 26,100 mark.
With the rally, the total market capitalization of all BSE-listed companies jumped to ₹473.65 lakh crore, adding ₹4.23 lakh crore in a single session.
Top Gainers and Losers
On the 30-share Sensex, most stocks traded in the green, except BEL and Bharti Airtel, which slipped into the red.
Major gainers included:
- Tata Motors PV
- Trent
- Tech Mahindra
- Tata Steel
- Adani Ports
- Infosys
- Maruti Suzuki
These stocks rose up to 3%, aiding the broad-based market recovery.
Small-cap and mid-cap indices, however, showed mild weakness, dipping 0.25% and 0.1%, respectively.
Global Cues Boost Sentiment
Asian markets advanced sharply after Wall Street’s positive close. Weak US retail sales and falling consumer confidence raised expectations of a Federal Reserve rate cut next month.
- MSCI Asia-Pacific ex-Japan: Up 1%
- Japan’s Nikkei: Up 1.8%
- US stock futures: Up 0.2%
US markets will remain closed Thursday for Thanksgiving, with a shortened session scheduled for Friday.
Expert View
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said market fundamentals indicate a move toward new highs, though short-term volatility may persist due to futures expiry positioning.
He advised retail investors to avoid aggressive trading and gradually accumulate high-quality growth stocks available at attractive valuations.
FII/DII Activity
- FIIs bought equities worth ₹785 crore
- DIIs were net buyers of nearly ₹4,000 crore
Crude Oil & Global Commodities
Oil prices stabilized after Tuesday’s drop amid geopolitical developments involving Ukraine and proposals for a US-backed peace plan.
- Brent crude: Up 0.3% to $62.68
- European energy prices hit an 18-month low
Spot gold edged up 0.2%, trading at $4,131.78 per ounce.
Rupee Movement
The Indian rupee opened slightly weaker at 89.25/USD compared to its previous close of 89.22.
The dollar index remained stable at 99.833, while the dollar gained against the yen.
Originally published on 24×7-news.com.
