Stock Market Today: Sensex Jumps 458 Points; Nifty Around 21,600 On Strong Global Cues. IT Shines

Stock update: On the 30-share Sensex platform, UltraCemco, Tata Steel, Tata Motors, JSW Steel, Bajaj Finserv, SBI were among the prime gainers. On the down side only NTPC, Asian Paints emerged losers

The two key equity benchmarks, Sensex and Nifty, on Wednesday advanced higher on upbeat global sentiment. At 10.55 am, the S&P BSE Sensex climbed 458 points to 71,795. On the other hand, the NSE Nifty50 was trading at 21,580, up 139 points.  

On the 30-share Sensex platform, UltraCemco, Tata Steel, Tata Motors, JSW Steel, Bajaj Finserv, SBI were among the prime gainers. On the down side only NTPC, Asian Paints emerged losers.

In the broader markets, the BSE Midcap and Smallcap indices gained 0.5 per cent each.

Among specific stocks, Adani Green Energy advanced 2.4 per cent after the company said it has completed the transfer of 1,050 MW renewable portfolio to a JV between AGEL and TotalEnergies for $300 million.

Sectorally, all the key indices were trading in the green, led by the Nifty IT index (up 0.7 per cent), the Nifty PSU Bank index (up 0.6 per cent), and the Nifty Realty index (up 0.5 per cent).

In the previous session on Tuesday, the S&P BSE Sensex index closed at 71,337, up 230 points, while the NSE Nifty50 settled at 21,441, up 92 points.

"The resilience of the market even in the holiday season, which is normally devoid of much action, is an indication of its underlying bullishness. The global support to the market from the mother market US where the S&P 500 is close to all-time high is significant," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Asian Paints, NTPC, Maruti, and Hindustan Unilever were among the laggards. In Asian markets, Tokyo, Shanghai and Hong Kong quoted with gains while Seoul traded lower. The US markets ended in the green on Tuesday.

Global oil benchmark Brent crude declined 0.07 per cent to $81.01 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 95.20 crore on Tuesday, according to exchange data.

Meanwhile, the rupee fell 4 paise to 83.23 against the US dollar in early trade on Wednesday, amid sustained outflow of foreign funds and a stronger American currency against major overseas rivals. Forex traders said positive domestic equity market failed to boost sentiment as investors remained concerned over volatile crude oil prices fearing disruption in global trade through the Red Sea route.

At the interbank foreign exchange, the domestic currency opened at 83.21 and slipped further to 83.23 against the greenback, registering a loss of 4 paise from its previous close. On Tuesday, the domestic currency settled at 83.19 against the dollar.