The key indices on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) concluded Wednesday’s session with gains exceeding 0.2%. This positive trajectory was primarily driven by an upswing in information technology (IT) and metal stocks, despite a backdrop of mixed global cues. The S&P BSE Sensex registered an uptick of 144.61 points (0.23%), reaching a closing figure of 62,677.91 points. Correspondingly, the Nifty 50 saw an increase of 52.30 points (0.28%), settling at 18,660.30. Notably, both indices commenced the day on a positive note and sustained the positive momentum throughout the trading session.
Among the notable gainers in the Sensex pack were Tata Steel, Tech Mahindra, NTPC, State Bank of India (SBI), IndusInd Bank, Power Grid Corporation of India, Tata Consultancy Services (TCS), and Larsen & Toubro. Conversely, Nestle India, ICICI Bank, Bharti Airtel, Asian Paints, Hindustan Unilever, and UltraTech Cement emerged as the top laggards.
The sectoral front witnessed the Nifty Metal index surging by 1.25%, while the Nifty IT index marked a gain of 1.15%. The Nifty Media index also saw an upward movement of 1.05%.
In the broader market, the S&P BSE MidCap index displayed a gain of 153.93 points (0.59%), closing at 26,393.13, while the S&P BSE SmallCap climbed 201.13 points (0.68%), settling at 29,986.62.
Vinod Nair, Head of Research at Geojit Financial Services, attributed the bullishness in the domestic market to better-than-expected inflation readings from major global economies and an increased appetite for IT stocks. The easing of US CPI inflation to 7.1% in November is anticipated to alleviate economic pressure. While the Federal Reserve is expected to implement a 50-basis point rate hike, market movements will be significantly influenced by their comments on future inflation and rate actions.