The Indian stock market opened higher on Wednesday, tracking strong global cues. Sensex rallied 1106 pts to 82,212 and Nifty rose 276 points to 25,324. Market cap of BSE listed firms rose to Rs 511.21 lakh crore.
Brent crude prices rose nearly 1% to $92.45 per barrel mark. On Tuesday, Brent crude prices fell below the $90 per barrel mark for the first time since August this year.
On Tuesday, Asian markets closed with big gains.
Today, Asian indices extended their rally.
Japan's Nikkei rose 1.27% to 61,230. Taiwan Weighted index also gained 2.54% to 43,815. South Korea's Kospi surged 2.27% to 5350.
Today's rally is broad-based with all Sensex constituents trading in the green. IndiGo, M&M, SBI, Axis Bank, Eternal and Asian Paints were the top gainers, rising up to 5%.
In terms of sectors, banking shares were the top gainers with the BSE bankex rising 1294 pts to 68,528. BSE auto and BSE capital goods indices too were the among the top sectoral gainers, rising 1041 pts and 1029 pts, respectively.
Anand James, Chief Market Strategist, Geojit Investments said, "While the 24860-775 region held through Monday’s slippages keeping the 25400-25700 trajectory intact, we will go in today with downside marker pushed higher to 24926. Our upside expectation has also been moderated to 25327 for the time being, with higher prospects of mean-reversion down moves."
The market rally today is also backed by strong FII inflows.
Sensex and Nifty have risen over 6% in the last five sessions powered by FII inflows and fall in crude prices due to diffusing of tensions between the US and Iran. Foreign portfolio investors (FPIs) have pumped in Rs 53,739 crore in November, the highest monthly inflow since September 2024, when the institutional category bought Rs 57,724 crore worth of Indian equities.
On Monday, November 9, Sensex rose 107.25 points, or 0.13%, to close at 81,106.65 and Nifty50 gained 58.25 points, or 0.23%, to end at 25,044.65. On Tuesday, November 10, BSE and NSE were closed on account of Diwali Balipratipada.