Indian equity markets opened strongly on Wednesday, with the Sensex surging over 1,100 points and the Nifty crossing the 25,350 mark.
Falling crude oil prices and improving sentiment towards domestic IT stocks supported the rally.
At 09:23 AM, the Sensex had gained 1,167.85 points, or 1.44 per cent, to reach 82,274.50. The Nifty advanced 307.95 points, or 1.23 per cent, to trade at 25,352.60.
The positive sentiment followed signs of recovery in global chip stocks, which improved the outlook for the technology sector.
Market analysts said the Nifty maintained a positive technical structure, although its Relative Strength Index (RSI) of 77.88 indicated overbought conditions and the possibility of consolidation. They identified immediate support for the index at 25,000-25,150 and resistance at 25,450-25,500.
Put writing around 25,000 offered support, while call writing at 25,100-25,200 could limit immediate gains.
InterGlobe Aviation, Mahindra & Mahindra and State Bank of India emerged as the top gainers on the Nifty, leading the broader market rally.
The broader indices traded higher, with the Nifty MidCap rising 0.68 per cent and the Nifty SmallCap gaining 1.32 per cent.
Among sectoral indices, the Nifty PSU Bank recorded the strongest gains, reflecting buying interest in public sector banking stocks. The Nifty Pharma index traded in negative territory.
Market experts said improving conditions could encourage continued foreign institutional investor (FII) buying and support large-cap stocks.
Banking and financial services, telecom, capital goods, select automobile and pharmaceutical companies are likely to attract investor interest, they added.
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