Equity benchmark indices ended higher on Wednesday, with the BSE Sensex jumping 291.17 points to settle at 77,094.07, while the NSE Nifty closed above the 24,100 mark, driven by buying in IT and banking stocks.
Market performance
The 30-share BSE Sensex opened on a positive note and rallied 291.17 points, or 0.38%, to close at 77,094.07. During the session, it touched a high of 77,179.23 and a low of 76,808.50. The broader NSE Nifty rose 84.15 points, or 0.35%, to finish at 24,100.75.
According to market analysts, positive cues from global markets and sustained foreign fund inflows supported the rally. Foreign institutional investors (FIIs) were net buyers in the capital market, purchasing shares worth Rs 1,234 crore on Tuesday, as per exchange data.
Top gainers and losers
Tech Mahindra emerged as the top gainer on the Sensex, rising 3.12% after the company announced a strategic partnership with a global telecom firm. Other major gainers included Tata Consultancy Services (TCS), which gained 1.8%, HCL Technologies up 1.5%, and Infosys rising 1.2%.
Among the losers, Mahindra & Mahindra declined 0.8%, followed by Sun Pharma down 0.6%, and Maruti Suzuki ending 0.5% lower. Banking stocks also contributed to the gains, with HDFC Bank rising 0.9% and ICICI Bank adding 0.7%.
Sectoral performance
All sectoral indices on the BSE ended in the green, with the IT index leading the pack, up 1.8%. The banking index gained 0.6%, while the oil and gas index rose 0.4%. The metal index also gained 0.3%.
In the broader market, the BSE midcap index rose 0.5%, and the smallcap index gained 0.4%, indicating broad-based buying.
Global markets
Asian markets ended mixed, with Japan's Nikkei 225 rising 0.4% and China's Shanghai Composite gaining 0.2%, while Hong Kong's Hang Seng fell 0.3%. European markets were trading higher in early deals, with the FTSE 100 up 0.3% and the DAX gaining 0.5%.
According to market experts, the positive trend in global equities, coupled with expectations of a rate cut by the US Federal Reserve, boosted investor sentiment.
