On Wednesday, the Indian stock market saw a notable rebound after initial losses, with both the benchmark indices, Sensex and Nifty, surging to fresh record highs amidst volatile trading.
The 30-share BSE Sensex soared by 408.86 points or 0.55%, culminating at a new peak of 74,085.99. Similarly, the Nifty index climbed 117.75 points or 0.53%, settling at an all-time high of 22,474.05.
The market trajectory witnessed a reversal during the session as early declines were offset by gains in European markets. Despite opening lower, the indices managed to close in the green territory.
Among the key factors driving the market sentiment were buying interest in banking and select IT shares, coupled with positive trends in European equity markets.
Leading the gains on the Sensex were stocks like Kotak Mahindra Bank, Axis Bank, Bharti Airtel, and HCL Technologies. Conversely, UltraTech Cement, NTPC, and Maruti were among the laggards. The mixed performance extended beyond Indian borders, with Asian markets like Seoul, Tokyo, and Shanghai closing lower, while Hong Kong recorded gains.
Meanwhile, European markets traded positively, despite a downward trend observed in the US markets the previous day.
Vinod Nair, Head of Research at Geojit Financial Services, attributed the market's recovery to a surge in buying activity, particularly in large-cap stocks, following mixed signals from global markets and ahead of the US Federal Reserve Chair's testimony to Congress. Additionally, global oil prices, represented by Brent crude, saw an uptick, reaching USD 82.59 per barrel, marking a 0.80% increase.
Foreign Institutional Investors (FIIs) contributed positively to market liquidity, with net equity purchases worth Rs 574.28 crore on Tuesday. This came after a brief respite following the record-breaking rally, where the BSE benchmark and Nifty had experienced marginal declines.
Overall, the Indian stock market showcased resilience amidst volatility, buoyed by positive cues from international markets, strong buying interest in key sectors, and robust foreign investor participation.
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