Representative image. Photo: "BSE building at Dalal Street" by BSEINDIA, Wikimedia Commons, CC BY-SA 3.0
The Sensex and Nifty opened notably higher on Wednesday, with the 30-share index gaining 657.85 points, or 0.85 per cent, to reach 77,423.77, while the Nifty 50 added 191.3 points to touch 24,176.65.
Infosys led the gainers with a rise of 3.89 per cent, and the rally was supported by strength in L&T, TCS, Hindustan Unilever and Tech Mahindra.
Sector-wise, the Nifty IT index rose as much as 2.51 per cent and the Nifty FMCG index gained 1.52 per cent, even as weakness persisted across several Asian markets.
Power Grid emerged as the top loser in early trade, down 0.67 per cent, while InterGlobe Aviation, Asian Paints, Maruti and Titan also declined.
Market breadth remained firmly positive, with 1,837 stocks advancing compared with 550 declining and 103 unchanged on the BSE.
The rise came alongside a rebound in crude oil prices, which had fallen roughly 14 per cent over the preceding three sessions amid escalating US-Iran tensions.
Institutional activity also turned supportive, with foreign institutional investors buying ₹755.33 crore worth of shares and domestic institutional investors purchasing ₹1,664.16 crore on July 28.
Market participants remained cautious ahead of the US Federal Reserve’s policy announcement scheduled later in the day, even as domestic indices advanced.
The opening gains followed Tuesday’s flat close, when the Sensex settled at 76,765.92 and the Nifty at 23,985.35 amid a fragile pause in US-Iran hostilities.
The India VIX volatility index had cooled to 12.56 in Tuesday’s session, down 0.79 per cent, with a steadier rupee and easing geopolitical concerns contributing to the calmer mood heading into Wednesday’s trade.
Market watchers said the rebound in crude oil, after three straight sessions of sharp declines, had eased some of the concerns that had weighed on Indian equities earlier in the week amid the ongoing US-Iran tensions.
Sustained buying by domestic institutional investors in recent sessions has also been credited with cushioning Indian markets against bouts of volatility driven by global cues.
(Image: “BSE building at Dalal Street” by BSEINDIA, Wikimedia Commons, CC BY-SA 3.0)
