Markets rally; Sensex surges past 76,400 on auto, tech strength
Equity markets extended their morning gains in Wednesday’s mid-day trading, with the benchmark Sensex climbing 533.11 points or 0.70 per cent to 76,434.52, while the broader Nifty rose 182.20 points or 0.79 per cent to 23,139.45, as investors positioned themselves ahead of the U.S. Federal Reserve’s interest rate decision.
Market breadth remained strongly positive with 2,868 stocks advancing against 948 declines on the BSE, while 127 stocks remained unchanged. The trading session saw 43 stocks hitting 52-week highs, while 129 touched their 52-week lows. Circuit filters were triggered for 479 stocks, with 223 hitting the upper circuit and 256 touching the lower circuit.
Auto stocks led the rally, with Bajaj Auto emerging as the top Nifty gainer, up 3.58 per cent, followed by Shriram Finance gaining 3.33 per cent. Defense and engineering major Bharat Electronics Limited (BEL) surged 3.16 per cent, while Tata Motors and JSW Steel added 2.49 per cent and 2.32 per cent respectively.
On the flip side, ITC Hotels witnessed the steepest decline, falling 2.69 per cent. Other notable losers included Britannia Industries (-0.81 per cent), Asian Paints (-0.57 per cent), Tata Consumer (-0.17 per cent), and Dr. Reddy’s Laboratories (-0.04 per cent).
The broader market outperformed the benchmarks, with the Nifty Next 50 rising 1.41 per cent to 61,768.80 and the Nifty Midcap Select index gaining 1.49 per cent to reach 11,817.70. Banking stocks showed moderate gains, with the Nifty Bank index up 0.43 per cent at 49,076.05, while the Nifty Financial Services index advanced 0.88 per cent to 23,007.10.
The market momentum built upon the morning’s positive start, which was supported by technology stocks. Trading volumes remained robust as investors awaited cues from the Fed’s policy announcement and India’s upcoming Union Budget on Saturday. The Reserve Bank of India’s planned ₹60,000-crore G-sec purchase is expected to provide additional market support through improved liquidity conditions.
Foreign institutional investors (FIIs) maintained their selling stance with net sales of ₹4,921 crore, while domestic institutional investors (DIIs) provided support through net purchases of ₹6,814 crore.
