Mumbai, Nov 11 (PTI) Stock markets rose for the second straight day on Wednesday, with the benchmark Sensex rallying 772 points to hit a near nine-month high and Nifty closing above 25,250, aided by foreign fund inflows, better-than-expected Q2 results and a sustained moderation in crude oil prices.
The 30-share BSE Sensex rallied 772.75 points, or 0.95 per cent, to settle at 81,879.40, a level not seen since February 26. During the day, it jumped 1,413.75 points, or 1.74 per cent, to 82,520.40.
The 50-share NSE Nifty closed 210.40 points, or 0.84 per cent, higher at 25,255.05, the highest in nearly nine months.
Among the 30 Sensex firms, Mahindra & Mahindra jumped 5.25 per cent, InterGlobe Aviation 4.37 per cent, Trent 3.02 per cent, Tata Steel 2.22 per cent, ITC 2.15 per cent and Axis Bank 2.14 per cent.
Adani Ports, Tech Mahindra, HCL Tech and ICICI Bank were among the laggards.
Foreign Institutional Investors (FIIs) bought equities worth Rs 7,212.22 crore on Monday, according to exchange data.
Brent crude, the global oil benchmark, was up 1.58 per cent to USD 92.94 per barrel.
“Indian benchmark indices closed higher, extending their winning streak to a ninth consecutive regular trading session, excluding the Muhurat trading session, which ended marginally lower. Despite surrendering a portion of their opening gap-up gains, the indices managed to sustain their positive momentum.
“WTI crude prices remained subdued in the USD 86–87 per barrel range, offering continued support to domestic market sentiment. The Indian rupee also held firm, drawing support from softer crude prices and improving external-sector conditions,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
The broader market uptrend remains underpinned by a favourable mix of sustained FII inflows, lower crude oil prices, a resilient rupee and encouraging corporate earnings, he said.
Broader markets rallied as the BSE SmallCap Select index jumped 1.29 per cent and MidCap Select index was up 1.02 per cent.
Among BSE sectoral indices, MidSmall Private Banks Quality Tilt surged 3.44 per cent, PSU PSU Bank 3.03 per cent, Telecommunication 2.41 per cent, Auto 2.05 per cent, Bankex 1.94 per cent, Private Banks index 1.43 per cent and Commodities 1.24 per cent.
IT, Healthcare and Realty were the laggards. Investors’ wealth climbed Rs 4.30 lakh crore to Rs 5,10,72,090.95 crore (USD 5.44 trillion) in two days.
So far this month, the Sensex has surged 7,419.87 points, or 9.96 per cent, and the Nifty zoomed 2,201.95 points, or 9.55 per cent.
“Among the key triggers, foreign portfolio investors continued their aggressive buying. Brent crude remained near USD 92–93 per barrel, well below its recent levels, easing concerns around imported inflation. Optimism around domestic demand and corporate earnings, along with moderating global enthusiasm for AI-linked investments, further enhanced the relative attractiveness of Indian equities,” Ajit Mishra, SVP – research, Religare Broking, said.
Foreign investors turned net buyers of Indian equities in November, infusing Rs 53,739 crore so far after two consecutive months of outflows, driven by the AI-led sell-off in global markets, strong domestic earnings growth and attractive large-cap valuations.
The domestic equity markets were closed on Tuesday on account of ‘Diwali Balipratipada’.
On Monday, the Sensex climbed 107.25 points, or 0.13 per cent, to settle at 81,106.65. The Nifty rose 58.25 points, or 0.23 per cent, to close at 25,044.65.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 and Shanghai’s SSE Composite index ended higher, while Hong Kong’s Hang Seng index settled lower.
European markets were trading mostly higher.
The US equity markets ended lower on Tuesday. PTI SUM MR
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.