The S&P BSE Sensex rose 0.44% to 84,997.13, up 368.97 points, while the NSE Nifty 50 gained 0.45% to end at 26,053.90.
On the 30-share Sensex, Adani Ports SEZ, NTPC, Power Grid, HCL Technologies and Tata Steel led the gainers, rising between 2% and 3%.
The broader market also recovered, with the mid-cap and small-cap indices rising 0.6% and 0.4% respectively.
Sectorally, the metals, oil and gas and energy indexes rose 1.7%, 2.1% and 1.9% respectively, supported by hopes of a US-China trade truce between the world’s two largest economies and top consumers of metals and crude oil.
Among individual investors, Adani Energy rose 5% as several brokers reaffirmed their bullish views on the stock, citing strong growth in transmission, distribution and smart metering segments despite a decline in quarterly profit. In contrast, Coal India fell 2.4% after a 30.3% decline in consolidated net profit for the September quarter. HDFC Asset Management Company and Nippon Life India Asset Management subsequently fell 4.3% and 5.2% respectively. Market regulator Sebi has proposed new measures to simplify mutual fund fee structures.
Expert views
Investor sentiment remained supported by expectations of a possible rate cut by the US Federal Reserve and encouraging updates on potential trade deals, said Ajit Mishra, SVP, Research at Religare Broking.
“Participants will first react to the US Fed’s policy outcome in early trading on Thursday, after which the focus will shift back to corporate earnings. With rotational buying across all sectors, we expect the prevailing uptrend to continue, with the Nifty eyeing a new all-time high. Immediate support is placed at 25,800. While the improvement in market breadth adds to the positive undertone, we continue to advise a selective approach, targeting fundamentally strong companies advantage,” said Mishra.
Global markets
World stocks swung near recent highs on Wednesday, buoyed by new artificial intelligence deals and hopes of improving US-China trade ties, as investors awaited a decision from the US Federal Reserve, which was widely expected to deliver a 25 basis point interest rate cut.
Wall Street closed at record levels on Tuesday after Nvidia announced plans to build seven supercomputers for the US Department of Energy and Microsoft reached a deal allowing OpenAI to restructure.
In Asia, Japanese and South Korean benchmarks set new records during Wednesday’s session.
At 0946 GMT, the MSCI World Equity Index was less than 0.1% higher. Europe’s STOXX 600 gained 0.1%, Germany’s DAX fell 0.1%, France’s CAC 40 was flat and London’s FTSE 100 rose 0.5% after hitting a new all-time high.
Investors are now turning their attention to the quarterly figures of American technology heavyweights Microsoft, Alphabet and Meta, which will be announced later in the day.
Rough impact
Oil prices held steady on Wednesday as investors weighed optimism about an upcoming meeting between US and Chinese leaders – both major energy consumers – against expectations of higher production quotas from the next OPEC+ meeting.
Brent crude futures rose 11 cents, or 0.2%, to $64.51 a barrel at 1020 GMT, while U.S. West Texas Intermediate futures rose 6 cents, or 0.1%, to $60.21.
Rupee vs dollar
The Indian rupee ended slightly higher at 88.1950 per US dollar on Wednesday, with central bank support likely offsetting demand for dollars from importers at the end of the month. Traders remained cautious ahead of the US Federal Reserve’s policy decision later in the day.
The dollar index was last at 98.8, up 0.2% on Wednesday.
(with input from agencies)
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