The benchmark indices extended their winning streak for the third consecutive session on Wednesday, defying weak global cues. After volatile trading throughout the day, strong buying in the final hour helped the Sensex close 309.40 points, or 0.40%, higher at 77,044.29. The Nifty gained 108.65 points, or 0.47%, to close at 23,437.20.
The Sensex added over 3,100 points (4.33%) and the Nifty gained more than 1,000 points (4.63%) over the last three sessions.
“Amidst global weakness, the Indian market exhibited a mild positive sentiment, driven by expectations that the ongoing trade dispute between the US and China may ultimately benefit India. Additionally, March CPI inflation at a five-year low points to potential rate cuts in the near future,” said Vinod Nair, head of research at Geojit Financial Services.
Globally, markets are undergoing a fresh phase of consolidation due to escalating tariff tensions, with the US raising tariffs on Chinese goods to 245%, he noted.
“Markets edged higher, gaining nearly half a percent as the recovery phase continued. The Nifty traded within a narrow range during the first half. However, renewed buying interest in heavyweight stocks across sectors lifted the index in final hours,” said Ajit Mishra, SVP – research, Religare Broking.
The broader markets outperformed the benchmarks. The BSE Midcap and Smallcap indices rose 0.62% and 0.91%, respectively. Over the past three sessions, the indices have surged 5.56% and 7.32%, respectively.
Foreign portfolio investors have purchased shares worth Rs 3,936.42 crore and domestic institutional investors sold shares worth Rs 2,512.77 crore, as per provisional data by the BSE.
Investors’ wealth rose by ₹2.76 lakh crore on Wednesday, with a cumulative increase of ₹21.18 lakh crore over the past three sessions.
Market breadth remained positive, with 2,636 gainers compared to 1,309 losers on the BSE.
Sectorally, oil & gas, banking, energy, telecom, and financial services were the top performers, gaining up to 1.78%. Auto, pharma, and healthcare were among the top laggards, declining up to 0.43%.
Among Sensex stocks, IndusInd Bank emerged as the top gainer for the second straight session, jumping 7.12%. The rally came after the bank clarified that the impact of discrepancies in its derivatives trade accounting was 2.27% of net worth, smaller than the earlier estimate of 2.35%. It had gained 6.84% on Tuesday.
Other notable gainers included Axis Bank, Adani Ports, Asian Paints and Bharti Airtel, rising up to 4.26%.
Maruti Suzuki, Infosys, Tata Motors, L&T and NTPC were among top laggards, falling up to 1.51%.