The Indian stock market extended its gains for the third consecutive session on Wednesday, with benchmark indices closing at new highs. The rally was driven by strong buying in PSU banks and IT stocks, as investors remained optimistic about positive outcomes from India-US trade talks and a widely anticipated interest rate cut by the U.S. Federal Reserve.
The S&P BSE Sensex climbed 313.02 points (0.38%) to close at 82,693.71. The NSE Nifty 50 also rose 91.15 points (0.36%) to settle at a new peak of 25,330.25.
Key Market Highlights
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Sensex: Gained 313 points to end at 82,693.71.
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Nifty 50: Closed above the 25,300 mark for the first time.
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Market Sentiment: The mood was cautiously optimistic as traders awaited the U.S. Federal Reserve's policy decision later in the day. Positive cues from trade talks and strong domestic inflows helped sustain the upward momentum.
Top Gainers and Losers
PSU banks and select auto and consumer stocks led the gains, while metal and some financial services stocks lagged.
| Top Gainers |
Top Losers |
| Tata Consumer Products |
HDFC Life |
| State Bank of India (SBI) |
Tata Steel |
| Bharat Electronics (BEL) |
Bajaj Finserv |
| Kotak Mahindra Bank |
Titan Company |
| Maruti Suzuki |
SBI Life Insurance |
Sectoral Performance
The sectoral performance was largely positive, led by public sector banks.
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Top Gainer: The Nifty PSU Bank index was the standout performer, surging 2.61%. The Nifty IT and Nifty Auto indices also gained between 0.5% and 1%.
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Top Loser: The Nifty Metal index was the main laggard, ending lower by 0.5%.
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Broader Markets: The broader markets showed a mixed trend. The Nifty Midcap 100 index ended flat, while the Nifty Smallcap 100 rose by 0.68%.
IPO Market: Strong Listing & New Issues
The primary market witnessed significant action with a blockbuster listing and the opening of new public offers.
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Urban Company's Blockbuster Listing: Shares of home services platform Urban Company made a stellar debut on the stock exchanges. The stock listed at a premium of 57.5% and extended its gains to close up 62% from its issue price of ₹103 per share.
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New IPOs Opened:
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Ongoing IPOs: The mainboard IPO of Euro Pratik Sales was subscribed 1.5 times on its second day of bidding.
Global Market Summary
Global markets held firm as investors awaited the outcome of the U.S. Federal Reserve's policy meeting.
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Global Stocks: World stocks traded near record highs, with European markets opening higher and U.S. stock futures holding steady.
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Fed Rate Cut: A 25-basis-point interest rate cut by the Federal Reserve is widely expected and has already been factored into market prices. Investors are now keenly awaiting Fed Chair Jerome Powell's commentary for clues on future policy direction.
Frequently Asked Questions (FAQs)
1. What drove the market to new highs today?
The market's rally was driven by strong buying in PSU banks and IT stocks, continued optimism about an India-US trade deal, and widespread expectations of an interest rate cut by the U.S. Federal Reserve.
2. How did Urban Company's IPO perform on its listing day?
Urban Company had an excellent market debut. Its shares listed at a premium of 57.5% over the issue price and closed the day with a massive gain of 62%.
3. Which sectors were the top performers today?
The Nifty PSU Bank index was the top gainer, surging over 2.6%. The IT and Auto sectors also saw significant buying interest.
4. What are investors globally waiting for?
The main event on the global calendar is the U.S. Federal Reserve's interest rate decision. While a rate cut is expected, the Fed's outlook on future monetary policy will be crucial for market direction.