Benchmark stock market indices closed higher on Wednesday, with benchmark indices gaining as stock-specific buying after quarterly earnings helped offset concerns over rising crude oil prices.
The BSE ended at 77,496.36, up 609.45 points or 0.79%, while the Nifty 50 closed at 24,177.65, rising 181.95 points or 0.76%.
Markets advanced even as prices remained elevated, with Brent crude at $114.43, up 2.85%, and WTI crude at $103.38, up 3.45%, amid reports that the US may extend its blockade of Iranian ports, tightening global supply.
Despite these global headwinds, investors focused on stock-specific opportunities following recent quarterly earnings, which supported the recovery in equities.
Vinod Nair, Head of Research, Geojit Investments Limited, said, that despite weak global cues, elevated crude prices, and a depreciating INR, India’s equity markets rebounded from recent lows as investors used the correction to add exposure, supported by better-than-expected earnings despite geopolitical uncertainty.
“Gains were led by FMCG, auto, and realty stocks on strong results and positive commentary, while financials lagged due to regulatory tightening and provisioning concerns. Moreover, markets will closely track cues from the US Fed policy outcome, with sentiment likely to remain volatile amid evolving global developments and sector-specific earnings trends,” he added.
Among sectoral indices, FMCG rose 1.75%, auto gained 1.15%, IT advanced 0.99%, and oil & gas index climbed 0.71%. Realty stocks were also strong, up 1.48%, while healthcare index rose 0.25%.
On the other hand, financial services slipped 0.28%, PSU banks declined 0.41%, media fell 0.49%, and consumer durables eased 0.40%.
The broader market performance remained mixed, with the Nifty Midcap 100 index slipping 0.07%, while the Nifty Smallcap 100 rose 0.65%.
India VIX declined 3.37% to 17.44, indicating easing volatility.
Among Sensex stocks, ITC emerged as the top gainer, rising 3.86%, followed by Tech Mahindra (3.14%), Maruti Suzuki (2.82%), Reliance Industries (2.68%), and Bharti Airtel (2.30%).
Other gainers included M&M (2.04%), Sun Pharma (1.79%), Adani Ports (1.40%), Hindustan Unilever (1.30%), Infosys (1.29%), Larsen & Toubro (1.19%), and TCS (1.17%).
On the losing side, NTPC fell 1.33%, Bajaj Finserv declined 1.04%, Asian Paints slipped 0.84%, ICICI Bank dropped 0.83%, and Trent was down 0.75%.
IndiGo declined 2.36%, while HDFC Bank fell 0.45% and SBI slipped 0.41%.
While earnings-driven buying supported markets, rising crude prices and geopolitical tensions remain key risks. Investors are likely to track global cues, especially developments around oil supply and the US Federal Reserve’s policy decision, which could influence near-term market direction.
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