Mumbai | Benchmark Sensex rebounded by nearly 889 points while Nifty closed at 24,250 on Wednesday following buying in blue-chip shares such as HDFC Bank, Larsen & Toubro and Infosys and fresh foreign fund inflows.
The 30-share BSE Sensex jumped 888.68 points, or 1.16 per cent, to settle at 77,654.60 with 25 of its constituents ending with gains and five with losses. During the day, it surged 999.57 points, or 1.30 per cent, to 77,765.49.
The 50-share NSE Nifty climbed 264.85 points, or 1.10 per cent, to end at 24,250.20. As many as 38 Nifty50 stocks advanced and 12 closed down.
From the Sensex pack, Hindustan Unilever surged the most by 4.70 per cent and Infosys jumped 4.50 per cent.
Larsen & Toubro rose by 2.55 per cent following its quarterly results. Trent, Tata Steel, Bharti Airtel, Tata Consultancy Services, HCL Tech and HDFC Bank were also among the gainers.
Adani Ports was the biggest loser, dropping by 3.19 per cent. Mahindra & Mahindra, which announced transfer of its truck and bus business to SML Mahindra for Rs 525 crore, dropped by 1.51 per cent. SML Mahindra shares shot up 20 per cent to close at the upper circuit level of Rs 4,565.50.
Power Grid, Bharat Electronics and NTPC were the laggards among Sensex shares.
Foreign Institutional Investors (FIIs) turned buyers on Tuesday. They bought equities worth Rs 755.33 crore in the previous trade, according to exchange data.
“Indian equity markets ended higher ahead of the US Federal Reserve's policy decision later today, with resilient domestic fundamentals outweighing weak global cues. Strong corporate earnings, sustained buying in Information Technology stocks, and a firmer rupee helped support investor sentiment, even as Asian markets extended their AI-driven technology sell-off and elevated Middle East tensions kept crude oil prices near recent highs,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Brent crude, the global oil benchmark, jumped 3.79 per cent to USD 87.28 per barrel.
The BSE SmallCap Select index jumped 1.18 per cent and MidCap Select index went up by 0.27 per cent.
Among sectors, IT surged 2.40 per cent, followed by Metal (2.26 per cent), Telecommunication (1.70 per cent), Commodities (1.40 per cent), Healthcare (1.26 per cent), Top 10 Banks (1 per cent) and Financial Services (0.88 per cent).
Auto, Insurance, Oil & Gas, Power, Realty, Services and MidSmall Private Banks Quality Tilt were the laggards.
A total of 2,593 stocks advanced, while 1,652 declined and 179 remained unchanged on the BSE.
"Indian equities outperformed several global indices despite a jump in crude oil prices owing to renewed optimism in traditional IT stocks. While the Nifty IT index has rallied over 17 per cent this month, the Q1 earnings of most of the frontline tech firms were in line with estimates, which helped regain investors' confidence," Ankur Punj, MD & Business Head at Equirus Wealth, said.
In Asian markets, South Korea's KOSPI tanked 5.98 per cent. Japan's Nikkei 225 also ended lower, while Shanghai's SSE Composite index and Hong Kong's Hang Seng index settled higher.
Markets in Europe were trading mostly lower. US markets ended mostly higher on Tuesday.
On Tuesday, the Sensex dipped 69.86 points, or 0.09 per cent, to settle at 76,765.92. The Nifty slipped 10.60 points, or 0.04 per cent, to end at 23,985.35.
