Benchmark equity indices on Wednesday saw a significant uptick, rising nearly 1% fueled by robust buying in HDFC Bank and Reliance Industries.
This surge comes as investors eagerly await two important events: the interim budget and the US Federal Reserve’s interest rate decision, seeking further insights into market direction.
The 30-share BSE Sensex rebounded strongly, gaining 612.21 points or 0.86%, closing at 71,752.11. Earlier in the day, it soared by 1%, reaching 71,851.39, erasing early losses. Similarly, the Nifty surged by 203.60 points or 0.95% to settle at 21,725.70.
Among the major gainers in the Sensex firms were Sun Pharma, Tata Motors, State Bank of India, Mahindra & Mahindra, Maruti, Bajaj Finserv, Power Grid, and UltraTech Cement.
However, Larsen & Toubro witnessed a decline of over 4% following its December quarter earnings, while Titan also ended lower from the 30-share pack.
In the Asian markets, Tokyo, Shanghai, and Hong Kong ended lower, contrasting with Seoul, which settled in the green. European markets exhibited mixed trading, while US markets mostly closed down on Tuesday.
Global oil benchmark Brent crude witnessed a decline of 0.91%, reaching $82.12 a barrel. Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,970.52 crore on Tuesday.
The BSE benchmark had experienced a setback on Tuesday, falling by 801.67 points or 1.11% to settle at 71,139.90, while the Nifty declined by 215.50 points or 0.99% to 21,522.10. Today’s rally marks a notable rebound from the previous session’s losses, driven by renewed optimism and strategic buying in key sectors.
