Stock Market: Sensex Jumps 600 Points; Nifty Around 19,650 On Strong Global Cues. Realty, IT Gain

Stock update: On the 30-share Sensex platform, TechM, Infosys, Wipro, JSW Steel, Tata Steel, TCS were trading in the green, with TechM soared 3.51 per cent

The two key equity benchmarks, Sensex and Nifty, on Wednesday opened with sharp gains amid strong global cues. The domestic indices soared in early trade, triggered by low CPI inflation in India and the US. At 10.15 am, the BSE Sensex surged 594 points to 65,528. On the other hand, the NSE Nifty50 was trading at 19,630, up 187 points.

On the 30-share Sensex platform, TechM, Infosys, Wipro, JSW Steel, Tata Steel, TCS were trading in the green, with TechM soared 3.51 per cent. On the downside, PowerGrid, M&M, Sun Pharma, HUL, Nestle, IndusInd Bank emerged losers.

In the broader market, the BSE Midcap and Smallcap indices jumped by 0.66 per cent and nearly 1 per cent, respectively.

Sectorally, all the indices were trading in the green zone, with metal, information technology, oil & gas, and realty up 1-3 per cent.

In the previous session on Monday, the BSE Sensex closed 326 points lower at 64,934, while the NSE Nifty50 settled at 19,444, down 82 points. Stock market remained closed on Wednesday on account of Balipratipada.

"The October US inflation data is a game changer for the stock market. The 3.2 per cent October inflation print is lower-than-expected. More importantly, the mere 0.2 per cent MoM (Month-on-Month) increase in core inflation is hugely positive.The takeaway from these numbers is that the Fed is done with rate hikes and the timeline for rate cuts in 2024 is likely to be advanced. The sharp recovery in US markets will be reflected in India, too," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

In Asia, markets in Seoul, Tokyo, Shanghai, and Hong Kong were trading in the green, while the US markets closed with significant gains on Tuesday.

Global oil benchmark Brent crude climbed 0.33 per cent to $82.74 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,244.44 crore on Tuesday, according to exchange data.

Meanwhile, the Indian rupee gained 32 paise to 83.01 against the US dollar in morning trade on Wednesday as the Us currency retreated from its elevated levels after US inflation came lower than expected. Forex traders said the rupee opened on a bullish note as the American currency weakened after US Inflation eased to its lowest level since September 2021.

At the interbank foreign exchange, the rupee opened at 83.03, then touched 83.01 against the American currency, higher by 32 paise over its previous close. On Monday, the rupee declined by 5 paise to settle at its all-time low of 83.33 against the American currency.