Indian stock markets continued their upward trend for the third straight session on Wednesday, supported by strong buying in financial stocks, especially private banks, and select oil and gas shares.
The Sensex opened 262 points higher at 76,996 but briefly turned negative due to weak global cues amid rising US-China trade tensions. However, it recovered later in the day, rising 556 points from the day’s low to touch a high of 77,110. The index finally closed at 77,044, up 309 points or 0.4 per cent.
In the last three sessions, the Sensex has gained 3,197 points.
The Nifty followed a similar path. It touched a low of 23,273 and later rose to a high of 23,452. The index ended near its high at 23,433, up 104.60 points or 0.45 per cent. The Nifty has now risen by 1,038 points in three days.
Among the top gainers on the Nifty were IndusInd Bank, Axis Bank, Trent, ONGC, and Asian Paints. Meanwhile, Maruti Suzuki, Bajaj Finance, and Tata Motors were among the laggards.
Sector-wise, all indices ended in the green except auto. Media, PSU banks, and oil & gas sectors led the rally with gains of 1–2 per cent. The broader market also remained firm, with the BSE Midcap and Smallcap indices advancing 0.5 per cent each.
Global markets, however, faced pressure. Asian indices declined as investor sentiment was hit by US President Donald Trump’s warning of tariffs up to 245 per cent on Chinese imports. The Hang Seng and Taiwan indices fell nearly 2 per cent each, while Kospi and Nikkei dropped over 1 per cent.
“On the daily chart, the index has closed above the 100-EMA for the second consecutive session. Support is now placed at 23,300, and the positive momentum is likely to persist as long as it holds above this level,” said Rupak De of LKP Securities.
Dilip Parmar of HDFC Securities noted that the rupee appreciated for the third consecutive day, supported by foreign inflows, a weaker US dollar, and encouraging economic data. The near-term trend remains bearish for USD-INR, with support at 85.40 and resistance at 86.05.
-IANS
