Indian benchmark indices staged a strong recovery on Wednesday, with the BSE Sensex ending at 76,991.22, up 790.54 points or 1.04%, while the NSE Nifty 50 settled at 24,021.65, gaining 197.55 points or 0.83%. According to reports from NDTV Profit, this recovery came after both indices had fallen 1.16% on Tuesday, marking a significant bounce back from the previous session's decline. The market recovery was supported by easing concerns over oil-linked risks, with Brent crude remaining under pressure during the day, supporting expectations of lower inflationary pressures and improving India's macroeconomic outlook. During the session, the Sensex touched an intraday high of 77,190.37, while the Nifty climbed to 24,090.05, indicating strong momentum throughout the trading day.
The recovery in IT stocks came despite lingering concerns around global technology valuations following the recent sell-off in semiconductor shares. The rally broadened beyond heavyweight sectors as Nifty Realty climbed 2.17%, Nifty Cement gained 1.68%, while Nifty Oil & Gas rose 0.63%. Broader markets also ended in positive territory, with Nifty Smallcap 100 rising 0.39%, Nifty Midcap 100 gaining 0.10%, and Nifty 500 advancing 0.50%. Market breadth improved considerably compared with the previous session, indicating wider participation in the rally. India VIX, the market's fear gauge, fell 4.43% to 13.32, reflecting easing concerns over geopolitical risks after signs of progress in peace negotiations in the Middle East and continued weakness in crude oil prices. Rising stocks outnumbered declining ones on the India National Stock Exchange by 1,299 to 1,244, while on the Bombay Stock Exchange, 2,067 rose and 1,930 declined, with 163 ending unchanged.
Trent emerged as the top performer among major stocks, rising 3.60% to ₹3,256.00, followed by Adani Enterprises which added 3.55% to ₹3,068.00 and Tech Mahindra gaining 3.22% to ₹1,461.20. On the downside, Bajaj Auto declined 2.69% to ₹9,755.00, NTPC fell 2.28% to ₹356.30, and Maruti Suzuki lost 1.78% to ₹13,212.00. Financial stocks emerged as the biggest drivers of the rally, with the Nifty Bank index surging 1.69% to 58,150.35, while Nifty Financial Services gained 1.54% and Nifty Private Bank advanced 1.85%. Among Sensex constituents, ICICI Bank rose 2.65%, HDFC Bank gained 2.43%, Axis Bank climbed 1.50%, SBI advanced 1.04% and Kotak Mahindra Bank added 1.23%. Bajaj Finance was among the top gainers, rallying 2.94% to ₹990.60, while Bajaj Finserv rose 0.74%.
Several companies are currently in the IPO market with varying subscription levels. Waterways Leisure Tourism Limited, one of India's leading domestic ocean cruise operators, saw its public issue subscribed to 51% on day 2, with bids led by retail investors at 2.34x subscription. Advit Jewels, a Jaipur-based jewellery company specializing in handcrafted fine jewellery, achieved a 44.16x subscription on day 2, with NIIs leading at 121.16x subscription and retail investors at 35.46%. CSM Technologies, an IT solution provider, recorded a 26% subscription on day 1, with retail investors at 40% and NIIs at 53%.
Commodity markets showed mixed performance with gold futures for August delivery down 1.72% to $4,077.92 per troy ounce, while crude oil for August delivery fell 1.65% to $72.00 per barrel. The September Brent oil contract declined 1.48% to $75.66 per barrel, supporting the broader market recovery. USD/INR was down 0.01% to 94.73, while EUR/INR fell 0.43% to 107.35. The US Dollar Index Futures was up 0.28% at 101.46, indicating continued dollar strength in global markets.
