The Indian stock market sharply surged on Wednesday, with benchmark indices Sensex and Nifty rising more than 1% each, despite a sharp increase in oil prices as US-Iran tensions escalated.
Sensex soared nearly 889 points to close at 77,655 while Nifty gained around 265 points to end the session above 24,250. The sharp gains added over Rs 4 lakh crore to the total market capitalisation of all companies listed on BSE, pulling it up to Rs 483 lakh crore.
Here are today’s top gainers on Nifty
Here are today’s top gainers on Sensex
Here are today’s top losers on Nifty
Here are today’s top losers on Sensex
What lies ahead for Dalal Street?
Given India's diversified market structure, the case for FII inflows is strengthening with the unwinding of crowded AI trades, said Vinod Nair, Head of Research at Geojit Investments. Meanwhile, despite the intraday uptick in crude prices driven by renewed tensions in West Asia, the broader decline in oil prices over the week has eased inflation concerns and reinforced optimism around the growth outlook and reduction in operational costs, he added.
Domestically, while stronger-than-expected IIP data provided the catalyst for a positive start, the renewed risk appetite helped sustain the gains throughout the session, with IT and metal stocks emerging as key beneficiaries, the analyst said. “Attention now shifts to the U.S. Fed's policy decision due later tonight, with the widely expected pause in rates unlikely to materially impact Indian markets, as it is mostly already priced in,” he further said.
Nifty 50 has risen after a period of consolidation on the daily timeframe, Rupak De, Senior Technical Analyst at LKP Securities, noted. He highlighted that the index’s RSI has entered a bullish crossover. Besides, the index has been sustaining above the critical 50 EMA.
“On the hourly chart, the index has reclaimed the 200 DMA as well, confirming near-term strength. In the near term, the index is likely to remain strong, with the potential to rise towards 24,450–24,500. On the lower end, support is placed at 24,100. Sentiment may weaken if the index falls below this level, which could lead to a decline towards 23,950,” he said.
