Markets opened higher on Wednesday, with the BSE Sensex gaining more than 350 points to trade above 77,150 and the Nifty50 moving past the 24,050 mark in early deals, supported by strong buying in information technology and financial stocks.
The market opened on a firm note and maintained its upward momentum through the session as investors reacted positively to softer crude oil prices and improving sentiment across global markets. Lower oil prices are seen as beneficial for India’s economy as they help ease inflationary pressures and reduce import costs.
Buying was broad-based, with most sectoral indices trading in the green. IT stocks emerged as the biggest contributors to the rally, while financial and banking shares also attracted strong investor interest.
Among the top gainers on the Sensex and Nifty were HCL Tech, Infosys, Tech Mahindra and Bajaj Finserv, which witnessed healthy buying amid optimism over global technology demand and improved risk appetite. Banking heavyweights also lent support to the benchmarks.
On the other hand, some defensive stocks faced profit-booking. Nestle India, Hindustan Unilever and Asian Paints figured among the notable losers, limiting gains in the broader market.
Market participants are also keeping a close watch on the outcome of the US Federal Reserve’s policy meeting for cues on the future interest-rate trajectory. While rates are widely expected to remain unchanged, investors will closely monitor the central bank’s commentary on inflation and economic growth.
The broader market sentiment remained positive, with mid-cap and small-cap shares also advancing.
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