The Indian stock market on Wednesday snapped its two-day losing streak and kicked off the new financial year on a positive footing, supported by signs of de-escalation in tensions between the US and Iran.
At the close, the BSE Sensex was up 1,186.77 points, or 1.65 per cent, at 73,134.32, while the Nifty 50 rose 348 points, or 1.56 per cent, to 22,679.40.
The Nifty Midcap index added 2.2 per cent, while the small-cap index rose 3.3 per cent. The market capitalisation of BSE-listed companies surged by nearly ₹10 lakh crore to ₹422.23 lakh crore, up from ₹412.41 lakh crore.
Among sectors, all indices ended in the green except pharma, which declined by 1 per cent. The defence index surged more than 5 per cent, while capital goods, media, and PSU Bank indices rose around 3 per cent each. Auto, consumer durables, IT, metal, realty, FMCG, telecom, and private banks gained between 1 and 2 per cent.
On the Nifty, key gainers included InterGlobe Aviation, Adani Ports and Special Economic Zone, Adani Enterprises, Trent, and Bharat Electronics. Losers included Dr. Reddy’s Laboratories, HDFC Life, Cipla, NTPC, and Sun Pharmaceutical Industries.
Over 200 stocks on the BSE touched their 52-week lows, including Blue Star, HDFC Life, Cipla, Havells India, SBI Card, and Blue Dart, among others.
Defence shares rallied strongly, with the Nifty India Defence index rising nearly 7 per cent intraday.
Banking shares also snapped a two-day losing streak, rising more than 3 per cent. State Bank of India, HDFC Bank, ICICI Bank, Yes Bank, and Kotak Mahindra Bank gained between 1.5 per cent and 3 per cent, while Punjab National Bank was the top gainer, rising nearly 4 per cent. AU Small Finance Bank and Axis Bank advanced 3.73 per cent and 3.72 per cent, respectively.
In Asian markets, the MSCI Asia Pacific Index jumped 4.9 per cent, while the MSCI Emerging Markets Index rose 4.4 per cent. Globally, the Stoxx Europe 600 rose 2 per cent, S&P 500 futures gained 0.4 per cent, Nasdaq 100 futures climbed 0.6 per cent, and Dow Jones futures advanced 0.5 per cent.