Benchmark indices Sensex and Nifty surged over 1% on Wednesday amid a global market rally sparked by favorable US inflation data. A positive US inflation report has fueled optimism about a potential end to interest rate hikes by the Federal Reserve.
The 30-share Sensex soared 742 points or 1.14% to close at 65,675, reaching a peak of 1.25% at 65,747 during the day. The Nifty50 of the National Stock Exchange rose by 231 points or 1.19% to 19,675.
Major gainers among the Sensex firms included Tech Mahindra, Tata Motors, Infosys, Wipro, Tata Steel, Tata Consultancy Services, Reliance Industries, and Axis Bank. On the flip side, Bajaj Finance, IndusInd Bank, and Power Grid were the laggards.
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Asian markets in Seoul, Tokyo, Shanghai, and Hong Kong settled positively, while European markets traded in the green. US markets also ended with significant gains on Tuesday.
In the commodity markets, global oil benchmark Brent crude saw a 0.78% decline, reaching USD 81.83 per barrel.
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Foreign Institutional Investors (FIIs) divested equities worth Rs 1,244.44 crore on Tuesday. The markets were closed on Tuesday due to Diwali Balipratipada.
On Monday, the BSE benchmark fell 326 points (0.50%), closing at 64,934, and the Nifty declined 82 points (0.42%) to 19,444.