Stock Market Today: Bulls take control; Sensex up 1,300 pts, Nifty above 24,100

Stock Market Today: Indian equity markets opened sharply higher on Wednesday, tracking positive global cues and improved investor sentiment.

Traders are also taking comfort from easing geopolitical concerns. Hopes of a possible breakthrough in US–Iran tensions improved after Donald Trump said the war with Iran is close to ending, raising expectations of a near-term resolution.

The BSE Sensex rose 1,363 points, or 1.77 per cent, to 78,210.96 at 9:15 am. The index opened at 77,981.10, compared to its previous close of 76,847.57.

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The Nifty 50 gained 321 points, or 1.35 per cent, to 24,163.80. The index opened at 24,163.80, higher than its previous close of 23,842.65.

Investor wealth surged sharply in early trade. The total market capitalisation of all companies listed on the BSE rose by Rs 9.25 trillion to Rs 457.73 trillion, up from Rs 448.48 trillion at Monday’s close.

All 30 constituents of the BSE Sensex opened in the green, reflecting broad-based buying. InterGlobe Aviation emerged as the top gainer, rising 4.41 per cent. Other key gainers included UltraTech Cement, Asian Paints, Infosys, and Larsen & Toubro.

Market breadth remained firmly positive on the NSE. As many as 2,524 stocks advanced, while only 138 declined. Around 50 stocks were unchanged.

Volatility eases, broader markets outperform

The India VIX dropped sharply by 15.4 per cent to 17.34 soon after the opening bell. This indicates easing concerns around near-term volatility.
Broader markets outperformed the benchmarks. The Nifty Midcap 100 and Nifty Smallcap 100 were trading higher by 2.09 per cent and 2.10 per cent, respectively.

Among sectors, PSU banks and IT stocks led the rally, while pharma stocks lagged behind, making it the weakest-performing segment in early trade.

Oil dips as US–Iran hopes improve sentiment

Global cues also supported sentiment. Brent Crude prices declined in the Asian session as hopes rose that disruptions at the Strait of Hormuz may ease amid progress in US–Iran talks. Brent crude’s April contract slipped 0.36 per cent to $94.45 per barrel.

FIIs stay cautious, DIIs continue buying

Foreign institutional investors (FIIs) showed cautious positioning. Their long exposure in index futures declined to 21.81 per cent from 22.06 per cent.
FIIs turned net sellers in the cash segment, offloading Rs 1,983 crore after a single day of buying. Across cash, index futures, and stock futures, foreign institutional investors (FIIs) offloaded equities valued at Rs 5,655 crore.

Conversely, domestic institutional investors (DIIs) continued their buying spree. They kept their streak alive, marking the 31st session of consecutive purchases, and bought equities worth Rs 2,432 crore.

Despite the currency pressure, global signals are still positive.

Global markets

Internationally, US markets have bounced back to levels seen before the conflict, which has calmed investor worries. The Dow Jones Industrial Average, for instance, has climbed roughly 600 points in the last two sessions.

The Nasdaq Composite has extended gains for the 10th straight session, rising nearly 700 points in two days. The S&P 500 is now just 35 points away from its lifetime high.

However, the Indian rupee remains under pressure. It weakened for the third straight session, falling 65 paise to close at 93.37 against the US dollar.

Asian markets traded higher on Wednesday, mirroring gains on Wall Street. Japan’s Nikkei 225 rose over 500 points, or around 1 per cent. Hong Kong’s Hang Seng Index gained more than 250 points. South Korea’s Kospi also traded higher with a gain of around 170 points. China’s SSE Composite Index edged up 0.35 per cent.