Indian equity markets marked a fifth straight day of gains as midcap and smallcap stocks surged. While most sectors traded higher, IT indices declined amidst global volatility and shifting macroeconomic indicators.
Market Performance and Overview
Indian equity markets extended their upward movement for the fifth consecutive session on Wednesday, with the benchmark indices closing higher after a volatile trading session. Buying across midcap and smallcap stocks further strengthened market sentiment. The Nifty 50 index closed at 23,960.60, gaining 149.75 points or 0.63 per cent, while the BSE Sensex settled at 77,301.40, up 383.55 points or 0.50 per cent. The broader markets outperformed the benchmark indices, with the Nifty Midcap 100 surging 1.55 per cent and the Nifty Smallcap 100 gaining 2 per cent. The Nifty 100 also advanced 0.82 per cent.
Vikram Kasat, Chief Business Officer – Advisory and Dealing at PL Capital, said, “Indian equities extended their rally for the fifth consecutive session. Broad-based buying across auto, metals, realty and oil & gas, alongside midcap and smallcap indices rising over 1 per cent, indicates improving risk appetite. However, IT remained an underperformer. Going forward, earnings visibility and crude prices will remain key drivers; selective stock-specific positioning is advisable amid geopolitical uncertainty.”
Sectoral Analysis and Market Movers
On the sectoral front, all NSE sectoral indices except Nifty IT ended in positive territory. Nifty Media surged more than 5 per cent, emerging as the biggest sectoral gainer. Nifty Realty jumped 2.80 per cent, while Nifty Metal gained 2.40 per cent. Nifty Consumer Durables advanced 1.82 per cent, Nifty Chemicals rose 1.42 per cent and Nifty FMCG gained 1.21 per cent. Nifty Auto climbed 0.82 per cent, Nifty PSU Bank advanced 0.67 per cent and Nifty Pharma gained 0.28 per cent. In contrast, Nifty IT declined 1.94 per cent.
Among the Nifty 50 constituents, BEL, Adani Enterprises, Titan, Jio Finance and Max Health were the top gainers. TCS, HCL Tech, Infosys, BSE and Eternal figured among the top losers.
Currency and Global Commodities
Rajeev Sharan, Head of Research at Brickwork Ratings, said the Indian rupee extended its winning streak to a fourth consecutive session on Wednesday, rising 14 paise to 94.61 against the dollar in early trade and touching 94.50 before hovering near 94.74 by afternoon. He said, “What changed today is that US midterm election trends and a retreat in global oil are doing the heavy lifting that the RBI had to do alone in October.” Sharan added that a divided US Congress was cooling the dollar index towards 101.17 and pulling US bond yields lower, while Brent crude near USD 102.50 and INR 6,837 crore in Tuesday foreign stock buying had turned previous headwinds into tailwinds.
In commodities, Brent crude prices continued to decline, falling 0.72 per cent to USD 102.84 per barrel at the time of reporting. Gold prices reversed the trend, surging 2.33 per cent to Rs 1,42,698 per 10 grams for 24 karat, while silver jumped 3.84 per cent to Rs 1,86,600 per kg. Meanwhile, Asian markets closed with mixed trends. Japan’s Nikkei 225 declined 1.90 per cent to 61,905, while Singapore’s Straits Times closed marginally lower at 5,268. Taiwan’s Weighted Index also lost 0.84 per cent to settle at 42,948.
(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)