Sensex, Nifty end higher on global optimism and falling crude prices
Mumbai, Oct 15
Indian stock markets closed higher on Wednesday, supported by positive global cues and a drop in crude oil prices.
Buying in realty, PSU bank, and metal stocks further boosted investor sentiment.
At the close, the Sensex rose 575.45 points, or 0.70 per cent, to settle at 82,605.43. The Nifty also gained 178.05 points, or 0.71 per cent, to end at 25,323.55.
"The Nifty opened on a firm note and maintained a higher-high, higher-low structure throughout the session signalling sustained bullish momentum," experts said.
"After an early upmove, Nifty entered a tight consolidation between 25,280-25,330, spending most of the day oscillating within the 25,300-25,400 range for the third straight session," they added.
"This pattern reflects a short-term distribution phase, with consistent selling pressure near the 25,400 resistance zone. A decisive breakout above this level could set the stage for a rally toward 25,600-26,000, supported by encouraging Q2 earnings momentum," experts added.
Broader markets outperformed the benchmarks, with the Nifty MidCap 100 index rising 1.11 per cent and the Nifty SmallCap 100 index up 0.82 per cent.
Sector-wise, barring Nifty Media, all other sectoral indices ended in the green.
The Nifty Realty index led the rally with a strong 3.04 per cent gain, followed by Nifty PSU Bank, Metal, and Financial Services indices, which rose over 1 per cent each.
In the Sensex pack, Bajaj Finance, Bajaj Finserv, Trent, Asian Paints, Adani Ports, and Tata Steel were among the top gainers.
On the other hand, Infosys, Tata Motors, Tech Mahindra, and Axis Bank ended in the red, capping some of the market's gains.
Analysts said that easing crude prices and steady global markets helped improve investor confidence, while strong domestic participation supported the upward momentum.
Analysts said that the US 10-year yield declined while the rupee gained, indicating a momentum shift in FIIs to emerging markets like India, which may navigate the domestic market trajectory in the short to medium term.
"Realty outperformed due to an ease in the interest rate cycle and attractive valuation, while positive global cues supported the IT and Metal indices," market experts added.
— IANS
Reader Comments
As someone who's been tracking the markets for years, this seems like a healthy consolidation phase. The breakout above 25,400 will be crucial for sustained growth.
Good to see broader markets outperforming! Mid and small caps have been under pressure for too long. This should boost confidence among retail investors like me.
While the gains are welcome, I'm concerned about the volatility. One good day doesn't make a trend. We need consistent policy support and stable global conditions.
The PSU bank rally is particularly interesting given the government's focus on banking reforms. This could be the beginning of a longer-term re-rating for the sector.
Lower crude prices are a blessing for our economy! This directly helps reduce our import bill and supports the rupee. Hope this trend continues ðŸ™
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