Lagatar24 Desk
Indian stock markets saw a sharp rally on Wednesday, with the Sensex surging more than 1,300 points to cross the 82,000 level and the Nifty-50 gaining over 300 points to trade above 25,000.
Reasons Behind the Rally
The main drivers cited are easing crude oil prices, buying by foreign investors and positive cues from global markets. Buying began right at the opening bell.
Top Gainers and Losers on the Sensex
Among the biggest Sensex gainers were InterGlobe Aviation (4.60%), Mahindra & Mahindra (3.84%), SBI (2.50%), Asian Paints (2.19%) and Eternal (2.12%). Only Sun Pharma (5.50%) and Titan (0.70%) were in the red. Other stocks higher included Axis Bank (2.30%), Trent (2.16%), HDFC Bank (1.74%), Power Grid (1.67%), L&T (1.50%), ITC (1.31%), Bajaj Finserv (1.28%), Reliance (1.26%), Bharat Electronics (1.24%), Bharti Airtel (1.20%), HUL (1.19%), Bajaj Finance (1.04%), UltraTech Cement (1.03%), Maruti Suzuki (0.99%) and ICICI Bank (0.87%), along with smaller gains in HCL Tech, Kotak Mahindra Bank, NTPC, Infosys, Adani Ports, TCS and Tech Mahindra. In early trade, about 2,522 shares advanced, 762 declined and 189 were largely unchanged.
Nifty Movers
On the Nifty, InterGlobe Aviation, Asian Paints, SBI Life Insurance, Axis Bank and Maruti Suzuki gained the most, while Hindalco and Dr. Reddy’s Labs were weak.
Banking and Auto Lead the Surge
Banking and auto stocks saw the heaviest buying. Bank Nifty rose over 1,000 points past 60,700, and the Nifty Midcap 100 gained over 600 points to trade above 61,700. Auto, public and private sector banks, financial services, cement and consumer durables were strong, as were IT, FMCG, media and metals, while pharma, healthcare and realty stocks faced pressure.
