Final deal: The market gathers for the second consecutive day; Sensex jumps 700 points, and Nifty ends are above 25,230
Indian stock markets closed on Wednesday, marking their second straight day of geopolitical tensions and a drop in crude oil prices. The wider rally was backed by strong buying from technology and consumer stocks.
The Nifty 50 rose 200.40 points (0.80%) with a closing of 25,244.75, while the BSE Sensex ended at 82,755.51, earning 700.40 points (0.85%).
The positive momentum is because the ceasefire between Iran and Israel seems to persist, which has left investors feeling calm and worried about potential oil supply disruptions. The decline in crude oil prices further helps alleviate inflation problems in India, which relies heavily on imported oil.
Titans, Infosys, M&M, Bharti Airtel, Tech Mahindra and Eternal have a lead of up to 3.5%. On the downside, Bel, Kotak Mahindra Bank and Axis Bank fell 3%.
In the broader market, the S&P BSE Chinese stock index rose 0.62%, while the S&P BSE Small Stock Index rose 1.58%. On NSE, the Nifty Midcap 100 rose 0.38%, while the Nifty SmallCap 100 climbed to 1.47%.
In the sector, the Nifty IT index led the way with a growth rate of 1.74%, followed by consumer durable goods, which saw a 1.49% increase. The NIFTY FMCG index rose 0.73% to 54,741.60, an increase of 1.09% in both meetings.
Market Volatility Scale India VIX fell nearly 3%, indicating that investor confidence has increased.
