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Stock Market News Today: Sensex Rises 340 Points; Nifty Above 22,450. Smallcap Jumps 1%

Stock Market News Today: On the 30-share Sensex platform, JSW Steel, Tata Steel, Sun Pharma, Bajaj twins, HDFC Bank emerged gainers

The two key equity benchmarks, Sensex and Nifty, on Wednesday are trading higher amid strong global sentiment. At 10.30 am, the BSE Sensex jumped 330 points to 74,068. On the other hand, the NSE Nifty50 was trading at 22,457, up 89 points.

Stock update

On the 30-share Sensex platform, JSW Steel, Tata Steel, Sun Pharma, Bajaj twins, HDFC Bank emerged gainers. On the down side, Infosys, Asian Paints, HUL, IndusInd Bank, TechM were among the losers.

In the broader markets, the BSE Smallcap index gained nearly 1 per cent to hit a fresh record high of 46,912.

Sectoral update

Sectorwise, Nifty Metal and Healthcare indices gained 1 per cent each, followed by the Nifty Realty index, rising 0.9 per cent.

In the previous session on Tuesday, the BSE benchmark closed 90 points higher at 73,738, while the NSE Nifty50 ended 32 points up at 22,368.

"The ability of bull markets to climb all walls of worries is being demonstrated by the ongoing bull market, which has shrugged off all headwinds, be it geopolitical or economic. The Middle East tensions had only a temporary impact on the market," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.

Global market update

In Asian financial markets, key indices in Seoul, Tokyo, Shanghai, and Hong Kong showed gains. Wall Street also closed with positive results on Tuesday.

The global oil benchmark, Brent crude, inched up by 0.02 per cent to reach $88.44 per barrel.

Foreign Institutional Investors (FIIs) sold equities valued at Rs 3,044.54 crore on Tuesday, as per data from the exchange.

Rupee trades in narrow range

Meanwhile, the Indian rupee traded within a narrow range against the US dollar during early Wednesday trading. The impact of strong domestic equities was offset by a strong US dollar.

Forex traders noted that higher crude oil prices and substantial foreign fund outflows negatively affected investor sentiment.

At the interbank foreign exchange market, the rupee opened at 83.29, a slight gain of 2 paise from the previous close. Initially, the rupee dipped to a low of 83.32 against the US dollar. On Tuesday, the rupee ended the day at 83.31 against the US dollar.

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