In a bullish session, the Sensex surged by 676.69 points, settling at 73,663.72, while the Nifty climbed 203.30 points, reaching 22,403.85. Mahindra & Mahindra emerged as the top gainer on the Sensex, soaring by 3.93% to Rs 2,393, following its better-than-expected Q4 results.
Market drivers
The market rally was fueled by buying in prominent stocks like HDFC Bank and Infosys, coupled with a strong performance in the US and Asian markets. Positive global cues, including lower-than-expected US consumer inflation figures, which hinted at potential interest rate cuts in 2024, bolstered investor sentiment.
Sectoral performance
Capital goods, industrials, and technology sectors led the gains, with the BSE midcap index rising by 1.07 per cent and the smallcap index by 0.85 per cent. Among key sectors, capital goods witnessed the highest surge of 2.05 per cent, followed by industrials (1.99 per cent), and technology (1.66 per cent).
Market analysis
Despite experiencing volatility, the market sustained its upward trajectory, indicating a continuation of the recovery trend. While global cues drove a gap-up opening, subsequent fluctuations led to a mixed trading session, ultimately settling near the day's peak.
Global market trends
Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, ended the day on a positive note. European markets, however, traded lower, while Wall Street closed higher on Wednesday.
Other market indicators
Global oil benchmark Brent crude declined to USD 82.45 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,832.83 crore on Wednesday.
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