Sensex Surges Over 1,100 Points, Nifty Crosses 25,350 as Oil Prices Decline
Indian equity markets opened strongly on Wednesday, with the Sensex jumping over 1,100 points and the Nifty crossing 25,350 in early trade. Easing crude oil prices and improving sentiment towards domestic IT stocks supported the rally. At 9:23 AM, the BSE Sensex had surged 1,167.85 points, or 1.44%, to 82,274.50. The NSE Nifty advanced 307.95 points, or 1.23%, to 25,352.60.
InterGlobe Aviation, M&M and SBI Lead Gainers
Among Nifty constituents, InterGlobe Aviation, Mahindra & Mahindra and State Bank of India (SBI) emerged as the leading gainers, contributing to the broader market's positive momentum. The rally also extended to mid-cap and small-cap stocks. The Nifty MidCap index gained 0.68%, while the Nifty SmallCap index advanced 1.32%.
PSU Banks Lead Sectoral Gains
Among sectoral indices, the Nifty PSU Bank index was the biggest gainer, reflecting strong buying interest in public sector banking stocks. In contrast, the Nifty Pharma index emerged as the biggest sectoral laggard, trading in negative territory.
Oil Prices and IT Sentiment Support Markets
The positive opening came amid declining crude oil prices and improving investor sentiment towards domestic IT stocks. Signs of recovery in global chip stocks also supported the technology sector's outlook, adding to the positive sentiment in Indian equity markets.
