Indian Stock Market Closes Higher, Sensex Gains 299 Points Amid Oil Price Stability
The Indian stock market rebounded, with Sensex rising 299 points as oil prices stabilize around $100 per barrel.
Mumbai, September 23 (Daily Kiran) : The Indian stock market experienced a notable rebound on Wednesday, closing in positive territory after a previous decline. The Sensex surged by 299.17 points, or 0.40%, reaching 74,828.25, while the Nifty50 climbed 117.80 points, or 0.5%, to settle at 23,446.80. This upward movement was fueled by expectations surrounding U.S.-Iran talks, which contributed to oil prices stabilizing around $100 per barrel.
In broader market performance, the Nifty Midcap and Nifty Smallcap indices recorded gains of 0.70% and 0.89%, respectively. Sector-wise, Nifty Metal led the pack with a robust increase of 2.4%. Other sectors such as Nifty FMCG, Nifty PSU Bank, Nifty Realty, and Nifty Cement also performed well, each closing with gains exceeding 1%. Conversely, Nifty IT and Nifty Media lagged, experiencing declines of 0.87% and 0.50%.
Top performers in the Nifty50 included Bajaj Finance, Hindalco, Tata Steel, Apollo Hospital, and JSW Steel. Other notable gainers were Grasim, Nestle India, ITC, L&T, PowerGrid, and Adani Ports. On the downside, HCL Tech, Titan, Infosys, Coal India, TCS, Wipro, NTPC, BEL, and Trent were among the worst performers.
Market experts noted that despite fluctuations throughout the day, the Indian stock market largely ignored the rise in crude oil prices, focusing instead on signs of robust domestic growth. They pointed out that geopolitical events at the United Nations General Assembly contributed to a ‘risk premium’ in oil prices, putting pressure on the Indian rupee amid a strengthening U.S. dollar.
However, a better-than-expected September Flash PMI bolstered confidence in economic activity, indicating that growth could continue without escalating inflation pressures. This positive macroeconomic environment prompted increased buying across the market, allowing domestic stocks to advance alongside gains in Asian markets.
In terms of sector performance, metal and banking stocks showed the most strength, reflecting growing investor confidence amid strong participation in the broader market. Nonetheless, sluggishness in IT stocks limited the benchmark index’s gains at higher levels.
