Indian stock markets on Wednesday extended gains for the second consecutive session, with the Nifty closing above the 23,300 mark and the Sensex rising over 1,200 points. The rally was supported by broad-based buying across sectors as well as in the broader markets.
At the close, the Sensex was up 1,205 points, or 1.63 per cent, at 75,273.45, while the Nifty rose 394.05 points, or 1.72 per cent, to 23,306.45. The Nifty Midcap index advanced 2.3 per cent and the Smallcap index climbed 2.6 per cent.
The market capitalisation of BSE-listed companies increased to ₹430.99 lakh crore from ₹423.16 lakh crore.
Among sectors, all indices ended in the green. The consumer durables index surged 3.5 per cent, while realty, pharma, PSU banks, metal, auto, FMCG, and capital goods indices rose around 2 per cent each.
On the Nifty, the biggest gainers were Shriram Finance, UltraTech Cement, Grasim Industries, Bajaj Finance, and Adani Enterprises. On the losing side were Tech Mahindra, TCS, Bharat Electronics, and Power Grid Corporation.
The rupee weakened to 93.97 against the US dollar amid sustained foreign fund outflows, which kept investors cautious.
The Bank Nifty extended its gains, rising 2 per cent. Shares of HDFC Bank rose 2.1 per cent, AU Small Finance Bank gained 3.44 per cent, Union Bank of India rose 3.1 per cent, and IndusInd Bank advanced 3.94 per cent.
Real estate stocks also witnessed renewed buying. Key gainers included Signatureglobal (India), Brigade Enterprises, Oberoi Realty, and Phoenix Mills, which closed higher by 3.6 per cent to 4.5 per cent. Reliance Power shares also surged 6 per cent.
Indian stock markets will remain closed on Thursday on account of Shri Ram Navami, resulting in a shortened trading week.
In the global space, Asian markets traded higher, while US stock futures gained on reports of a US plan to end the Middle East conflict.