Mumbai, Sep 23 (PTI) Benchmark indices Sensex and Nifty rebounded on Wednesday amid easing crude oil prices, which remained below USD 100 per barrel, and hopes of a possible de-escalation in the West Asia conflict.
The 30-share BSE Sensex climbed 299.17 points, or 0.40 per cent, to settle at 74,828.25. During the day, it jumped 444.66 points, or 0.59 per cent, to 74,973.74.
The 50-share NSE Nifty was up 117.80 points, or 0.50 per cent, to end at 23,446.80.
Among the 30 Sensex firms, Tata Steel, Bajaj Finance, ITC, UltraTech Cement, Power Grid and Larsen & Toubro were the major winners.
HCLTech, Infosys, Tata Consultancy Services, Titan and Mahindra & Mahindra were among the laggards.
Brent crude, the global oil benchmark, edged up 0.35 per cent to USD 99.60 per barrel.
“Indian equity benchmarks closed higher on Wednesday, with broad-based buying lifting the market as investors assessed signs of a possible de-escalation in West Asia. Globally, hopes of easing tensions in West Asia and WTI crude remaining below USD 90 a barrel provided additional support to risk sentiment,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Adding to the positive domestic backdrop, the Asian Development Bank raised its FY27 GDP growth forecast for India to 7 per cent, reinforcing confidence in the economy’s underlying growth momentum, he said.
“The combination of a more constructive geopolitical backdrop, softer oil prices and stronger domestic growth expectations gave investors greater confidence to extend buying beyond the large-cap segment,” Ponmudi added.
In Asian markets, South Korea’s Kospi ended in the positive territory, while Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index settled lower. Japanese markets were closed for a holiday.
Markets in Europe were trading mostly lower. US markets ended on a mixed note on Tuesday.
“A stronger-than-expected September flash PMI reinforced confidence in the resilience of economic activity, indicating that growth remains intact without a corresponding build-up in inflationary pressures,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,809.99 crore on Tuesday, according to exchange data.
On Tuesday, the Sensex declined 329.91 points, or 0.44 per cent, to settle at 74,529.08. The Nifty dipped 85.30 points, or 0.36 per cent, to end at 23,329.
