MUMBAI: Indian benchmark indices extended their winning streak to a fourth consecutive session on Wednesday, supported by lower crude oil prices, a stronger rupee and improved investor sentiment following easing geopolitical tensions in the Middle East, according to media reports.
The S&P BSE Sensex rose 347.14 points, or 0.45%, to close at 77,155.62, while the NSE Nifty50 gained 96.55 points, or 0.40%, to end at 24,085.70.
According to media reports, the rally was driven by crude oil prices remaining near multi-month lows after a preliminary peace agreement between the United States and Iran eased concerns over potential supply disruptions through the Strait of Hormuz. Brent crude traded near $79 a barrel.
Lower oil prices are viewed as positive for India because they help ease inflationary pressures, improve the current account balance and support the rupee.
Asian markets also closed modestly higher, providing additional support to investor sentiment.
Among sectoral indices, consumer durables led gains, rising 2.11%, followed by PSU banks, up 1.75%, IT, up 0.85%, financial services, up 0.90%, metals, up 1.01%, and FMCG, up 0.68%.
Auto stocks fell 0.62%, realty declined 0.43% and pharma slipped 0.05% amid profit-taking.
Broader markets outperformed benchmark indices, with the Nifty Smallcap 100 gaining 0.79%, the Nifty Midcap 100 rising 0.52% and the Nifty Midcap 50 adding 0.30%.
India VIX, the market’s volatility gauge, fell 1.30% to 13.19, indicating improving risk appetite among investors.
According to media reports, market sentiment was also supported by softer bond yields, a firmer rupee and expectations of a stable US interest-rate environment.
Investors are now awaiting the US Federal Reserve’s policy decision for clues on the future path of interest rates, while also monitoring monsoon progress and foreign investment flows.
Disclaimer: This content is based on media reports and market data available at the time of reporting and is for informational purposes only. Investors are advised to consult a qualified financial expert before making any investment decisions. VisionMP is not responsible for any loss arising from the use of this information.
