It was another day of gains for the Indian benchmark indices that gained almost one per cent amid buoyant sentiment in their Asian peers and easing tensions in the Middle East as the ceasefire between Israel and Iran sustained for another day.
The 30-share Sensex jumped 700.40 points or 0.85 per cent to settle at 82,755.51, while NSE Nifty climbed 200.40 points or 0.80 per cent to 25,244.75.
During the day, Sensex had surged 760.8 points or 0.92 per cent to 82,815.91.
The stock gainers of the day included Titan, Mahindra & Mahindra, Infosys, Power Grid, Tata Consultancy Services and Bharti Airtel; while the laggards were Bharat Electronics, Kotak Mahindra Bank and Axis Bank.
Despite FIIs withdrawing capital, a moderation in crude oil prices was supporting recovery in the Indian equity markets, said Vinod Nair, Head of Research at Geojit Investments Limited.
“Positive global cues are helping sustain domestic market momentum. Domestically, a favourable monsoon forecast, and moderating inflation are further underpinning the optimism," he said.
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On Tuesday, the Sensex settled in the green, climbing 158.32 points or 0.19 per cent to 82,055.11. On similar lines, the Nifty rose by 72.45 points or 0.29 per cent to end at 25,044.35.
Exchange data said Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,266.01 crore on Tuesday. Domestic Institutional Investors (DII) bought stocks worth ₹5,209.60 crore, it said.
Asian shares too rose in Europe and Asia on Wednesday after US stocks climbed to near their all-time high.
In early European share trading, Germany’s DAX was flat at 23,642.70 and the CAC 40 in Paris edged 0.2 per cent higher to 7,632.78. Britain’s FTSE 100 gained 0.4 per cent to 8,789.92, while US futures were little changed.
Tokyo's Nikkei 225 picked up 0.4 per cent to 38,942.07, while the Hang Seng in Hong Kong advanced 1.2 per cent to 24,471.70 and the Shanghai Composite index jumped 1 per cent to 3,455.97.
In South Korea, the Kospi edged less than 0.1 per cent higher to 3,108.25, while Australia's S&P/ASX 200 also was barely changed, at 8,559.20.
The Dow Jones Industrial Average jumped 1.2 per cent and the Nasdaq composite rallied 1.4 per cent.
Oil prices also gained more than one per cent on Wednesday amid hopes that Iran and Israel’s ceasefire will sustain after falling about 6 per cent on Tuesday.
US benchmark crude gained 1.8 per cent to USD 65.54 per barrel, while Brent crude, the international standard, climbed 1.7 per cent to USD 67.30.
Federal Reserve, which had not reduced interest rates last week in its much-anticipated meeting, might consider lowering oil prices as oil prices dropped after the Iran-Israel ceasefire. Its chair, Jerome Powell, had said Tuesday the central bank is waiting to see how the economy evolves before deciding whether to reduce its key interest rate. US President Donald Trump’s tariff announcements have a major bearing on Powell’s decision, a stance directly at odds with Trump.
While oil prices have neared their pre-war figures, they could be headed even lower as long as the ceasefire holds.
In currency dealings, the US dollar rose to 145.10 Japanese Yen from 144.93 Yen. The euro climbed to USD 1.1617 from USD 1.1610.
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