Indian equity markets began Wednesday’s session on a strong note, extending gains for a second straight day as global cues turned favourable and geopolitical concerns showed signs of easing.
The Sensex started the session about 600 points higher at 74,652. The Nifty opened with a gain of 150 points at 23,064.
Buying momentum intensified in early trade, pushing the Sensex up by more than 770 points to an intraday peak of 74,840, while the Nifty climbed close to 23,173, reflecting gains of nearly 1 per cent.
Most sectoral indices recorded gains, with automobile, real estate, and media stocks leading the rally. Metal stocks, along with PSU banks and financial services, also registered gains exceeding 1 per cent.
In contrast, information technology stocks underperformed, witnessing selling pressure even as the broader market maintained a positive trend. Midcap and smallcap stocks followed suit, each rising by around 1 per cent.
Analysts pointed out that while global developments have supported the rally, the broader market setup remains delicate. They emphasised that a sustained uptrend would require a clear breakout above important resistance levels.
Otherwise, selling at higher levels may continue to shape near-term market behaviour.
Investors should remain selective and disciplined, focusing on fundamentally strong companies during dips. They suggested that traders should take fresh buying positions only after the Nifty decisively moves above and holds the 24,500 level.
Crude oil prices declined sharply in global markets amid expectations of reduced geopolitical tensions. Brent crude fell 7 per cent to touch an intraday low of $97.18 per barrel, while US WTI crude dropped more than 6 per cent to $86.72.
Although US markets closed lower in the previous session, Asian equities traded firmly higher, lending support to Indian markets.
Despite the ongoing rally, market participants remain watchful due to persistent global uncertainties and volatility.
Upcoming sessions are likely to be influenced by geopolitical developments and key technical indicators.
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