MUMBAI — Indian equities closed higher for a second consecutive session on Wednesday, buoyed by softer oil prices and improving global cues that lifted investor sentiment.
The gains came after U.S. President Donald Trump reiterated that discussions are underway to bring an end to the ongoing conflict in the Middle East, raising hopes of easing geopolitical tensions.
Benchmark indices posted strong advances, with the Nifty climbing 392.70 points, or 1.72 percent, to settle at 23,306.45. The Sensex rose 1,205 points, or 1.63 percent, to close at 75,273.45.
“Going ahead, 23300–23350 remains a critical zone. Sustaining above this range could provide short-term stability, while failure to hold may invite renewed selling pressure,” a market expert said.
“On the upside, 23500–23600 continues to act as a strong supply zone, followed by 23800. On the downside, 23000 remains a crucial support backed by strong demand and OI build-up, with 22900 as the next support in case of weakness,” an analyst added.
Among Sensex stocks, Tech Mahindra, Power Grid, and TCS were among the top laggards, while Bajaj Finance, Titan, IndiGo, Trent, and Mahindra & Mahindra led the gains.
Broader markets outperformed the benchmarks, with the Nifty MidCap index rising 2.30 percent and the SmallCap index gaining 2.59 percent.
Sectorally, consumer-focused stocks led the rally, with the Nifty Consumer Durables index emerging as the top performer. Real estate and public sector banking stocks also posted strong gains during the session.
However, the IT sector underperformed, with the Nifty IT index ending lower compared with other sectors.
Analysts said the rally was driven largely by optimism over a potential de-escalation in geopolitical tensions and a decline in oil prices, both of which helped improve risk appetite.
“The primary trigger for improved sentiment was emerging signals of a potential pause in the ongoing U.S.-Iran conflict,” a market expert said. (Source: IANS)
