Mumbai: Indian equity benchmarks extended their recovery on Wednesday, with the Nifty climbing more than 350 points to cross the 23,300 mark, building on the previous session’s gains amid easing concerns over the West Asia conflict.
According to live market updates from CNBC-TV18, the Nifty advanced strongly in early trade, while the Sensex also rose sharply by over 1,100 points to reach 75,200 levels. The Nifty Bank index gained nearly 950 points, approaching the 53,400 mark.
Market participants noted that today marks the monthly expiry of Sensex futures contracts, which was advanced by one day due to a trading holiday tomorrow (Thursday). This development has prompted caution among traders, many of whom are choosing to keep positions light ahead of the long weekend.
Geopolitical developments in West Asia remain a key focus. While the situation continues to appear fragile with markets reacting to mixed and often contradictory reports, oil prices eased significantly — Brent crude futures fell around 6 per cent towards $98 per barrel. Reports of diplomatic efforts, including a US proposal to Iran seeking a one-month ceasefire, have contributed to the positive sentiment.
Analysts highlighted that the 23,000 level on the Nifty remains crucial. The index had briefly crossed this psychological mark on Tuesday but failed to sustain above it. A decisive and sustained move beyond 23,000 could potentially trigger a fresh short squeeze, adding further momentum to the ongoing rally.
Among individual stocks, PCBL Chemicals stood out with a sharp 14 per cent gain in trade. Other notable performers included Shriram Finance, JSW Steel and Adani Enterprises. A rebound in heavyweight HDFC Bank also helped soothe investor sentiment. Traders were advised to keep an eye on oil-sensitive names such as Natco Pharma, BEL and NTPC Green Energy.
The rupee opened marginally weaker at 93.95 against the US dollar compared to Tuesday’s close. Market breadth remained strongly positive, with the advance-decline ratio heavily in favour of advancing stocks.
With Thursday being a trading holiday, participants are expected to remain cautious. Any fresh developments on the West Asia front could influence sentiment when markets resume on Friday.
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