Stock Market Today: Sensex Rises 365 Points; Nifty Hits 20,000. IT Stocks Lead; All Sectors In Green

Stock update: On the 30-share Sensex platform, TechM, Wipro, Airtel, HCLTech, TCS, M&M were among the gainers. On the downside, only PowerGrid emerged as the only loser

In the broader markets, the BSE MidCap and SmallCap indices gained 0.5 per cent each. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, on Wednesday jumped higher on early hours. At 9.40 am, the BSE Sensex surged 365 points to 66,539. On the other hand, the NSE Nifty50 was trading at 20,000, up 111 points.

On the 30-share Sensex platform, TechM, Wipro, Airtel, HCLTech, TCS, M&M were among the gainers. On the downside, only PowerGrid emerged as the only loser.

A total of 1,705 shares advanced, 463 shares declined, while 108 shares remain unchanged.

#ABPStockMarketWatch | Equity benchmark indices, Sensex and Nifty, jumped higher in morning trade, on Wednesday

At 10:35 AM, #Sensex gained 393 points to 66,567 & #Nifty 115 points to 20,005

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/f5D7eGG1Sf

— ABP LIVE (@abplive) November 29, 2023

In the broader markets, the BSE MidCap and SmallCap indices gained 0.5 per cent each, with the former hitting fresh lifetime high of 33,920.91 in the intraday trade.

Sectorally, the Nifty IT and PSU Bank indices jumped 0.6 per cent each, and the Nifty Media and Metal indices rose 0.5 per cent each.

In the IPO market, shares of Indian Renewable Energy Development Agency (IREDA) are set to debut on the bourses on Wednesday. The stock's grey market premium hints at a likely listing gain of 30 per cent.

In a previous session on Tuesday, the S&P BSE Sensex rose 204 points to close at 66,174, while the NSE Nifty50 settled at 19,890, up 95 points.

"Since the global market backdrop continues to be favourable, the rally in India is likely to continue. The drop in US 10-year bond yield to 4.3 per cent and the dollar index dropping below 103 are positive for equity markets. FIIs have turned buyers responding to the changed reality," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

In Asian markets, Tokyo quoted with gains while Seoul, Shanghai, and Hong Kong traded lower. The US markets ended marginally up on Tuesday.

Global oil benchmark Brent crude declined 0.02 per cent to $81.66 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 783.82 crore on Tuesday, according to exchange data.

Meanwhile, the Indian rupee stayed on upward track for the second straight session and gained 6 paise to 83.28 against the US dollar in early trade on Wednesday amid a weak American currency and foreign fund inflow in the domestic equities.

Positive sentiment in the domestic equity markets and easing crude oil price also boosted the Indian currency, said Forex traders. At the interbank foreign exchange, the rupee opened stronger at 83.30 against the dollar but slipped to 83.33. It later traded at 83.28 against the greenback, up 6 paise over its previous close. On Tuesday, the rupee rebounded from record low levels and settled 6 paise higher at 83.34 against the US dollar.