Indian benchmark indices finished Wednesday’s session with significant gains as softer energy prices and improving foreign investment sentiment encouraged investors to increase their market exposure.
The BSE Sensex climbed 772.75 points, representing a 0.95 per cent increase, to finish at 81,879.40.
Meanwhile, the NSE Nifty 50 advanced 210.40 points, or 0.84 per cent, to settle at 25,255.05. Both indices surrendered part of their intraday advances before the closing bell.
Market analysts observed that the Nifty maintained its positive momentum and extended its recent upward movement.
“The 25,400–25,500 zone now forms the immediate resistance range, and a sustained breakout above this band could further strengthen the upward momentum,” analysts stated.
They identified 25,200–25,100 as the immediate support range, with another important support level near 24,800.
Mahindra & Mahindra, InterGlobe Aviation and Trent emerged among the leading Nifty gainers.
Broader markets also registered strong performances, with the Nifty SmallCap 100 rising 1.59 per cent and the Nifty MidCap 100 advancing 0.81 per cent.
The PSU Bank index gained nearly 3 per cent, while banking and automobile stocks provided additional support. Conversely, IT and healthcare shares underperformed amid selective profit-booking.
Market participants identified softer energy prices and reduced foreign fund outflows as important factors behind the improved sentiment.
Upcoming Indian October inflation figures and US Producer Price Index (PPI) data could influence expectations surrounding domestic inflation and international interest rates.
Experts also highlighted sustained foreign institutional investment, corporate earnings and stable crude prices as important factors for the market’s next move.
Meanwhile, the Indian rupee strengthened against the US dollar, supported by foreign capital inflows, although elevated US interest rate expectations continued to pose a challenge.
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