Stock Market Today: Sensex snaps 4-day losing streak, jumps 200 points; Nifty reclaims 23,450

Stock Market Today: Indian benchmark indices opened in the green on Wednesday, tracking firm global cues and buying interest in select heavyweight stocks.

The 30-share BSE Sensex was trading 236.17 points, or 0.32 per cent, higher at 74,795.41 at 9:16 am. The index had opened at 74,439.34 against its previous close of 74,559.24.

The broader Nifty 50 gained 106.40 points, or 0.46 per cent, to trade at 23,485.95. The benchmark index opened at 23,362.45 compared with its previous close of 23,379.55.

Metal, pharma stocks lead early gains

Sectoral indices traded largely in the green, indicating broad-based buying across sectors despite caution around global inflation and geopolitical tensions.

The NIFTY Metal index emerged as the top sectoral gainer, rising 1.44 per cent in opening trade as metal shares witnessed fresh buying interest.

Healthcare-related counters also remained firm. The NIFTY Pharma index rose 0.67 per cent, while the NIFTY Healthcare Index advanced 0.56 per cent. Buying was also visible in energy stocks, with the NIFTY Oil & Gas index climbing 0.46 per cent.

Defensive sectors like FMCG and real estate also traded in the green in line with the general market sentiment.

However, not all sectors participated in the rally. The NIFTY Media index slipped 0.93 per cent, making it the top laggard among sectoral gauges. NIFTY IT and NIFTY PSU Bank also traded marginally lower.

Gold, silver duty hike remains key trigger

Investors also reacted to the government’s sharp increase in customs duty on precious metals, announced amid rising concerns over the ongoing West Asia conflict and pressure on foreign exchange reserves.

The Centre raised import duty on gold and silver to 15 per cent from 6 per cent earlier. Platinum import duty was increased to 15.4 per cent from 6.4 per cent. The revised duty structure also applies to gold and silver dore, coins and related findings.

Market participants are expected to closely watch the impact of the higher duty on jewellery stocks and bullion demand in the coming sessions.

Asian markets mixed after US inflation data

Asian markets traded mixed on Wednesday as investors assessed global inflation worries and rising crude oil prices.

Japan’s Nikkei 225 advanced 439.43 points, while South Korea’s KOSPI gained 132.04 points. In contrast, Taiwan’s weighted index fell sharply by 661.38 points.

Overnight, Wall Street ended on a mixed note after US inflation data came in higher than expected. The tech-heavy Nasdaq Composite declined 0.7 per cent, while the Dow Jones Industrial Average ended with marginal gains.

Crude oil near USD 106

Commodity markets remained volatile amid geopolitical uncertainty. Brent crude traded near USD 106.49 per barrel on concerns over possible supply disruptions involving Iran.

Elevated crude oil prices remain a key risk factor for the Indian economy as they could add pressure on inflation and the country’s import bill.

Gold prices, meanwhile, traded largely steady in global markets.

Q4 earnings season in focus

Investors will closely monitor a busy earnings calendar on Wednesday, with several major companies scheduled to announce their March quarter results.

Key companies declaring Q4 numbers include Bharti Airtel, Cipla, DLF, Hindustan Petroleum Corporation, LIC Housing Finance, Power Finance Corporation, Tata Motors and TVS Motor Company, among others.