Mumbai: Indian stock markets ended higher for the second straight session on Wednesday, supported by easing oil prices and positive global cues.
Investor sentiment improved after US President Donald Trump reiterated that talks are ongoing to bring an end to the conflict in the Middle East.
The benchmark indices saw strong gains, with the Nifty rising 1.72 per cent, or 392.70 points, to close at 23,306.45.
The Sensex also advanced 1.63 per cent, or 1,205 points, to settle 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 stated.
“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.
Tech Mahindra, Power Grid and TCS was major laggards on Sensex. On the upside, Bajaj Finance, Titan, IndiGo, Trent, Mahindra and Mahindra was among top gainers on the 30-share pack.
Broader markets performed even better than the main indices. The Nifty MidCap index gained 2.30 per cent, while the SmallCap index jumped 2.59 per cent.
Among sectors, consumer-focused stocks led the rally, with the Nifty Consumer Durables index emerging as the top gainer.
Real estate and public sector bank stocks also saw solid gains, outperforming most other sectors during the session.
However, the IT sector lagged behind the broader market, with the Nifty IT index ending lower compared to its peers.
Analysts said that the market rally was driven by hopes of easing geopolitical tensions and softer oil prices, which boosted investor confidence across sectors.
“The primary trigger for improved sentiment was emerging signals of a potential pause in the ongoing US-Iran conflict,” a market expert mentioned.
(ISNS)
