Sensex jumps 350 points, Nifty above 23,400 as oil dips below $99/barrel. What can trigger the next sharp rally on D-Street?

The Indian stock market traded in the green on Wednesday, with Sensex and Nifty recording gains of up to 0.5% despite big tailwinds like oil prices falling below $99 per barrel.

Sensex gained over 350 points to rise above 74,896 while Nifty rose over 104 points to trade above 23,433, as seen at 11.15 am. Broader markets outperformed benchmarks, with Nifty Midcap 100 rising 0.4% and Nifty Smallcap 100 jumping 0.7%.

Bajaj Finance and Bajaj Finserv shares were the top gainers on Sensex, as the Bajaj twins gained around 2% each. UltraTech Cement, Tata Steel, Asian Paints, L&T, Kotak Mahindra Bank, Hindustan Unilever and ITC shares gained around 1% each. Bucking the trend, Infosys and TCS shares fell around 1%.

Among the sectors, Nifty Metal jumped more than 1%, while Nifty IT slipped into the red. The overall market sentiment turned positive, with NSE seeing 2,332 advances against 714 declines, while 109 stocks remained unchanged.