Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Wednesday continued their upward momentum, with the BSE Sensex and NSE Nifty50 extending their rally into a fourth consecutive session, driven by gains in HDFC Bank, IT stocks, and renewed foreign fund inflows.
At 10.55 am, the BSE Sensex rose 327 points to 81,173, while the NSE Nifty50 advanced by 89 points, climbing to 24,546. Key contributors to the rally included NTPC, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Infosys, Larsen & Toubro, and HDFC Bank. Meanwhile, Bharti Airtel, Reliance Industries, Adani Ports, and Tata Motors were among the top losers.
Market Sentiment and Sectoral Performance
The market's volatility index, India VIX, eased by 2.22 per cent to 14.37 points, reflecting improved investor confidence. In the broader market, the Nifty Midcap100 and Smallcap100 indices posted gains of 0.89 per cent and 0.84 per cent , respectively.
Sectoral indices largely ended in the green, with Nifty PSU Bank and Media indices surging over 2 per cent each. Bank Nifty, OMCs, and metal indices also advanced by approximately 1 per cent . However, Nifty FMCG and Pharma indices bucked the trend, closing marginally lower.
FIIs Turn Buyers, Global Trends Mixed
Foreign Institutional Investors (FIIs) were net buyers on Tuesday, purchasing equities worth Rs 3,664.67 crore, according to exchange data.
Asian markets displayed a mixed performance during early trade, with Seoul, Tokyo, and Shanghai trading lower, while Hong Kong registered gains. In the U.S., markets ended mostly in positive territory on Tuesday, lending support to global sentiment.
Meanwhile, the global oil benchmark Brent crude edged up 0.05 per cent to $73.66 a barrel.
Tuesday's Performance Recap
On Tuesday, the Sensex surged by 598 points to settle at 80,846, while the Nifty gained 181 points to close at 24,457.
With sustained buying in key sectors and strong FII activity, market participants remain optimistic about continued momentum in the near term.
Rupee Trades Flat
The rupee traded flat against the US dollar at 84.68 on Wednesday morning as foreign inflows offset the impact of a strengthening greenback. Forex traders said the rupee has been on a downtrend largely on the back of Donald Trump's rhetoric on BRICS currency, political instability in the Eurozone, weaker domestic macroeconomic indicators and unabated foreign portfolio outflows.
At the interbank currency exchange, the local unit opened at 84.66, 2 paise higher than Tuesday's close but lost the gains immediately after to trade flat at 84.68 against the greenback. The rupee had recovered from its all-time low level and settled with gains of 4 paise at 84.68 against the US dollar on Tuesday.