Indian Stock Market Today: Nifty and Sensex Rise for Third Consecutive Session
Benchmark equity indices Sensex and Nifty closed nearly 1 per cent higher on Wednesday, extending their recovery for a third straight session amid a slight easing in crude oil prices and supportive global cues. The 30-share BSE Sensex rose 633.29 points to 57,037.50, while the broader Nifty50 index settled at 17,136.55, up 192.55 points or 1.13 per cent.
Nifty Gainers and Losers
The top gainers in the Nifty50 pack were Hindalco Industries, Tata Steel, JSW Steel, Adani Enterprises, and Coal India, which rose between 3-5 per cent. On the other hand, the top losers were Dr Reddy’s Labs, Nestle India, Asian Paints, Britannia Industries, and ICICI Bank, which fell between 1-3 per cent.
Sectoral Performance
Among the sectoral indices, Nifty Metal Index was the top gainer, rising over 3 per cent, followed by Nifty Energy Index and Nifty PSU Bank Index, which gained around 2 per cent each. On the other hand, Nifty FMCG Index and Nifty Pharma Index were the top losers, falling around 1 per cent each.
Global Cues
Global markets were supportive, with the US Dow Jones index rising over 1 per cent, while the Asian markets were mixed. The crude oil prices eased slightly, which also supported the market sentiment.
Investor Sentiment
The investor sentiment was positive, with the market breadth in favor of the bulls. The advance-decline ratio was in favor of the bulls, with over 1,500 stocks advancing against around 1,200 declining stocks.
What to Expect Next
The market is expected to remain volatile in the near term, with the Q1 earnings season around the corner. The investors will be closely watching the earnings reports of the major companies, which will provide a direction to the market. The global cues will also be closely watched, with the US Federal Reserve meeting scheduled next week.
Conclusion
In conclusion, the Indian stock market rose for the third consecutive session, supported by the easing crude oil prices and supportive global cues. The Nifty and Sensex indices closed nearly 1 per cent higher, with the metal and energy sectors being the top gainers. The investor sentiment was positive, with the market breadth in favor of the bulls. The market is expected to remain volatile in the near term, with the Q1 earnings season around the corner.
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