Equity indices traded sharply higher at mid-day on Wednesday, supported by easing crude oil prices, encouraging comments from the Reserve Bank of India Governor on the interest rate trajectory and inflation outlook, and strong buying in heavyweight banking and financial stocks. Gains in frontline lenders helped offset concerns surrounding the possibility of further US rate hikes and weak monsoon rains.
At 12.40 pm, Sensex traded 625.54 points or 0.82 per cent positive at 76,826.22, and Nifty 50 increased by 151.85 points or 0.64 per cent to 23,975.95.
The Sensex surged more than 775 points from the previous close, while the Nifty 50 advanced around 190 points during the session.
Despite the strong performance in headline indices, broader markets underperformed. The Nifty Smallcap 100 index declined 0.26 per cent, while the Nifty Midcap 100 slipped 0.01 per cent at the time of writing.
Sectoral performance remained mixed, with banking, financial services, cement and information technology stocks leading the gains. The rally in lenders and financial names provided the biggest support to benchmark indices.
Top movers today
Among the Nifty 50 constituents, Trent, IndiGo, ICICI Bank, Dr. Reddy’s Laboratories and Bajaj Finance emerged as the top gainers. On the other hand, Bajaj Auto, NTPC, Maruti Suzuki and Wipro were among the major laggards.
Within the midcap space, Exide Industries, AU Small Finance Bank, Mahindra & Mahindra Financial Services and L&T Finance gained between 3 per cent and 5 per cent. Conversely, GE Vernova T&D, Hitachi Energy India, Swiggy and KEI Industries fell between 2 per cent and 6 per cent.
Among small-cap stocks, Pine Labs, Jyoti CNC Automation, CreditAccess Grameen and JSW Cement rose 3-4 per cent. Triveni Turbine, Data Patterns, IFCI and Reliance Power, however, declined between 2 per cent and 7 per cent.
Market breadth remained slightly negative despite the benchmark rally. Of the 3,231 stocks traded on the NSE, 1,519 advanced, 1,612 declined and 100 remained unchanged.
As many as 86 stocks touched their 52-week highs, while 26 hit fresh 52-week lows. Additionally, 78 stocks were locked in their upper circuits and 64 stocks hit their lower circuit limits, reflecting stock-specific volatility across the broader market.