On Wednesday, the BSE Sensex saw a significant increase of 740 points, breaking a 10-day losing streak, as investors engaged in value buying particularly in utilities and power shares, aligning with a strong trend in global markets.
Closing at 73,730.23, the 30-share BSE Sensex surged by 740.30 points or 1.01 percent. It also reached an intra-day high of 73,933.80 with a jump of 943.87 points or 1.29 percent.
The broader Nifty of NSE rebounded by 254.65 points or 1.15 percent, settling at 22,337.30 and reaching a high of 22,394.90 with an appreciation of 312.25 points or 1.41 percent.
Among the gainers in the Sensex pack were Adani Ports, Tata Steel, Power Grid, Mahindra & Mahindra, NTPC, Tech Mahindra, Tata Motors, ITC, Nestle India, HCL Technologies, Bharti Airtel, State Bank of India, Asian Paints, and Kotak Mahindra Bank. Meanwhile, Bajaj Finance, IndusInd Bank, HDFC Bank, and Zomato were among the laggards.
The global market cues played a vital role in boosting sentiment in domestic indices, with talks of the Trump administration potentially reversing some tariffs amidst ongoing global trade tensions. Additionally, an increase in the February PMI index contributed to the positive market sentiment.
The HSBC India Services PMI Business Activity Index showed a significant uptick in February, indicating an expansion in output and employment driven by improving domestic and international demand.
In the Asian markets, Tokyo, Shanghai, Hong Kong, and Seoul closed higher, while European markets were trading positively. Wall Street ended lower on Tuesday. Global oil benchmark Brent crude decreased to $70.69 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,405.82 crore on Tuesday, according to exchange data.
