Indian Market Rallies Sharply
Nifty 50 closed 394.05 points or 1.72% higher at 23,306.45 on Wednesday, while the Sensex jumped 1,205 points or 1.63% to settle at 75,273.45. The session marked a strong rebound for Indian equities, with both benchmarks clawing back losses from earlier in the week.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 23,306.45 | +394.05 | +1.72% |
| Sensex | 75,273.45 | +1,205.00 | +1.63% |
The Nifty traded in a range of 23,063.20 to 23,465.35 during the session, with buying interest accelerating in the final hours of trade. The Sensex had earlier risen as much as 1,216 points before paring some gains ahead of the close.
Banking Stocks Drive Gains
Nifty Bank outperformed the broader market, surging 1,102.45 points or 2.10% to close at 53,708.10. The banking index led sectoral advances, with financial stocks rallying 2.35% as the Nifty Financial index settled at 25,056.35. The BSE Bankex climbed to 60,449.02, cementing the financial sector's role as the primary driver of Wednesday's rally.
IT stocks lagged, with Nifty IT adding just 22.40 points or 0.08% to close at 29,671.30. The muted performance in technology counters stood in contrast to the broader market strength. Nifty Auto gained ground, closing at 25,058.60, reflecting positive momentum in cyclical sectors.
Among individual stocks, Tech Mahindra ended flat at ₹1,408.50, while Power Grid Corporation of India closed at ₹295.00 with no change. United Spirits settled at ₹1,311.60, and Tata Consultancy Services remained under pressure among the day's top losers.
GIFT NIFTY Tracks Choppy Offshore Session
GIFT NIFTY closed at 23,197.0, down 103 points or 0.44% from the previous close of 23,300.0. The offshore derivative opened at 23,297.0 and traded in a broad intraday range of 23,058.5 to 23,305.5, reflecting heightened volatility through the extended session.
| GIFT NIFTY | Level |
|---|---|
| Open | 23,297.0 |
| High | 23,305.5 |
| Low | 23,058.5 |
| LTP | 23,197.0 |
| Change | -103.0 (-0.44%) |
The session saw early strength fade into midday weakness before a modest recovery into the close. GIFT NIFTY traded higher in the overnight window, touching 23,305.5 shortly after midnight, but came under sustained selling pressure through the Indian cash market hours, hitting a session low of 23,058.5 around 13:30 IST. The index recovered from lows but remained in negative territory.
Looking Ahead
GIFT NIFTY heads into Session II at 23,197, trading roughly 109 points below the Nifty 50 cash close. The offshore index's weak close despite strength in the domestic market points to cautious positioning ahead of Thursday's opening.