Indian equity benchmarks extended their winning streak on Wednesday, with the Sensex rising 1,000.36 points or 1.21 per cent to close at 83,755.87, while the Nifty jumped 304.25 points or 1.21 per cent to settle at 25,549.00. Market breadth was slightly positive with 1,983 stocks advancing, 1,855 declining, and 151 remaining unchanged.

Top gainers on the Nifty included Shriram Finance, Hindalco Industries, Tata Steel, Jio Financial, and Adani Ports. On the flip side, the biggest losers were Dr. Reddy's Laboratories, Tech Mahindra, Hero MotoCorp, Maruti Suzuki, and SBI.

Sectorial Update

Sector-wise, private banking, oil & gas, and metal indices rose between 1 per cent and 2 per cent, while realty and media indices declined by 1 per cent each.

The BSE Midcap index climbed 0.5 per cent, while the Smallcap index closed flat.

Global Movement

Markets remained buoyant amid signs of easing tensions between Iran and Israel. Speaking at a NATO summit in The Hague on Wednesday, US President Donald Trump indicated that talks with Iran could take place next week and suggested the potential for a new agreement to curb Iran’s nuclear ambitions.

Asian markets traded mostly higher, with Japan’s Nikkei 225 and China’s Shanghai Composite both in positive territory. While US markets closed mixed overnight, futures pointed to a positive opening ahead.

"With the ceasefire between Israel and Iran, global markets are in risk-on mode. However, the unresolved reciprocal tariff issue may cap the upside. Markets will be closely watching developments around July 9, when the 90-day pause on the tariff deal ends," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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Rupee Update

The rupee strengthened by 21 paise to 85.87 against the US dollar in early trade, supported by global weakness in the greenback. A firmer rupee is typically viewed as positive for equities, as it helps reduce import-related costs and bolsters foreign investor sentiment. However, traders noted that gains were capped by rising crude oil prices and continued foreign institutional investor (FII) outflows.