Indian stocks surge: Investors pocket ₹11 lakh crore as Sensex, Nifty scale new heights

Mumbai (The Uttam Hindu): Indian stock markets closed with strong gains on Wednesday. The Sensex rose 1,205 points, or 1.63 percent, to 75,273.45, and the Nifty gained 394.05 points, or 1.72 percent, to 23,306.45.

The market was bullish across the board, with almost all indices closing in the green. Nifty Consumer Durables (3.51%), Nifty Realty (2.69%), Nifty PSU Bank (2.67%), Nifty Metal (2.56%), Nifty Financial Services (2.35%), Nifty Auto (2.22%), and Nifty Healthcare (2.05%) closed in the green.

Along with large-caps, mid-caps and small-caps also saw gains. The Nifty Midcap 100 index was up 1,244.05 points, or 2.30 percent, at 55,331.05, and the Nifty Smallcap 100 index was up 401.35 points, or 2.59 percent, at 15,896.55.

UltraTech Cement, Bajaj Finance, L&T, Titan, Indigo, Trent, M&M, Tata Steel, SBI, Sun Pharma, Bajaj Finserv, Adani Ports, Asian Paints and HDFC Bank were among the gainers in the Sensex pack. Tech Mahindra, Power Grid, TCS and Bharat Electronics were among the losers. The market cap of all companies listed on the Bombay Stock Exchange (BSE) rose by nearly Rs 8 lakh crore to Rs 4.31 lakh crore from Rs 4.23 lakh crore earlier.

"Nifty opened higher for the second consecutive day and closed the day with gains," said Sudip Shah, Head of Technical and Derivatives at SBI Securities. "However, Nifty faced resistance between 23,460-23,465. If the index breaks this zone, Nifty could move towards 23,600 and then 23,800. In case of a decline, 23,150-23,100 is a support zone."

The reason for the rise in the Indian market is believed to be the fall in crude oil prices, strong global signals and reduction in tension between Iran, America and Israel and this has boosted buying in the market.