Indian equity markets closed higher on Wednesday, with the S&P BSE Sensex gaining 298.89 points or 0.40% to close at 75,627.80 and the Nifty 50 index rising 128.35 points or 0.55% to 23,786.25 at 10:25 IST. According to reports from Business Standard, the broader market outperformed frontline indices, with the BSE 150 MidCap Index rising 0.68% and the BSE 250 SmallCap Index jumping 1.12%. Market breadth remained strong with 2,643 shares rising and 964 shares falling on the BSE, while 242 shares remained unchanged.
Oil prices experienced a significant rebound as Brent crude futures rose $1.27, or 1.21%, to $106.29 a barrel by 0618 GMT, while U.S. West Texas Intermediate futures were up $1.29 cents, or 1.31%, at $99.55. As reported by multiple sources, this rebound came despite earlier drops on Wednesday when both benchmarks had dropped more than 5.6% to their lowest levels in more than a week after President Donald Trump said talks with Iran were in the final stages. The price recovery was driven by persistent supply concerns from the uncertain Iran war outlook and significant US oil inventory drawdowns. According to ING analysts, the oil market remains overly sensitive to Iran-related headlines, with participants continuing to pin considerable hope on reports that talks between the U.S. and Iran are progressing.
The Nifty Realty index jumped 1.10% to 775.45, marking its third consecutive trading session of gains with a 3.13% climb over the three-day period. As reported by Business Standard, major realty stocks led the rally with Oberoi Realty surging 2.46%, Prestige Estates Projects up 1.65%, Sobha gaining 1.6%, Lodha Developers rising 1.4%, and Godrej Properties advancing 1.25%. Other notable performers included Phoenix Mills (up 1.16%), Anant Raj (up 0.96%), DLF (up 0.87%), and Aditya Birla Real Estate (up 0.16%).
Iran has taken significant steps to control the critical Strait of Hormuz, with the country announcing a new "Persian Gulf Strait Authority" on Wednesday, saying there would be a "controlled maritime zone" in the Strait of Hormuz. According to reports, Iran warned against further attacks and unveiled these steps entrenching its control of the crucial waterway. The Strait of Hormuz, mostly closed, had carried oil and liquefied natural gas shipments equal to about 20% of global consumption before the current war situation. This development adds another layer of supply concern to the oil market dynamics.
Several companies announced their quarterly earnings results, with Power Mech Projects rallying 4.31% after reporting a 21.6% increase in consolidated net profit to ₹142.55 crore in Q4 FY26 compared with ₹117.24 crore in Q4 FY25. As reported by Business Standard, Metro Brands jumped 5.20% after the company's consolidated net profit surged 23.48% to ₹117.73 crore on a 20.26% increase in revenue from operations to ₹772.98 crore in Q4 FY26 over Q4 FY25. Other companies announcing results included ITC (up 0.73%), LG Electronics India (up 0.56%), Life Insurance Corporation of India (up 1.08%), and FSN E-Commerce Ventures (Nykaa) (up 0.62%).
