CHENNAI: Indian equity markets staged a strong recovery on Wednesday, reversing a three-day losing streak. The benchmark indices, Sensex and Nifty, closed higher, buoyed by buying interest in blue-chip stocks such as HDFC Bank and ICICI Bank, along with positive cues from Asian markets.
The 30-share index surged 410.19 points (0.51%) to settle at 81,596.63. During the day, it touched an intraday high of 82,021.64, up 835.2 points (1.02%).
While, the 50-share index gained 129.55 points (0.52%) to close at 24,813.45.
Investor sentiment was lifted by a rebound in banking and IT stocks, which led the rally. The market capitalization of BSE-listed companies increased by nearly ₹4 lakh crore during the session.
Sectoral Highlights
Banking stocks like HDFC Bank and ICICI Bank rose over 1% each, supported by strong Q4 results. HDFC Bank reported a 6.7% year-on-year rise in standalone net profit to ₹17,616 crore, while ICICI Bank's net profit grew by 5.3% sequentially.
In pharma sector, Sun Pharma was among the top gainers, contributing to the overall market rally.
While Mahindra & Mahindra and Tata Motors saw significant gains, reflecting positive investor sentiment in the auto sector, FMCG stocks like Hindustan Unilever and Nestlé India also witnessed buying interest.
Market Movers
Top gainers today included Bajaj Finserv, Tata Steel, Sun Pharma, Tech Mahindra, Bajaj Finance, NTPC, Nestlé India, Tata Motors, Hindustan Unilever, and Mahindra & Mahindra.
The key losers were IndusInd Bank, Kotak Mahindra Bank, Power Grid, and ITC.
Global Cues and Economic Outlook
Asian markets ended on a positive note, providing a favorable backdrop for the Indian market's recovery. Moody's Ratings affirmed India's resilience against global trade disruptions, citing its large domestic economy and low dependence on exports as key factors supporting economic stability.