16 September,2026 04:56 PM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
Domestic benchmark indices snapped their two-day losing streak Wednesday tracking their Asian counterparts, despite elevated crude oil prices amid the US-Iran conflict and concerns over US Federal Reserve rate hike.
"The recovery was supported by value buying at lower levels, while a pause in the recent crude rally provided some relief," Siddhartha Khemka Head of Research, Wealth Management, Motilal Oswal Financial Services said.
The 30-share BSE Sensex surged 332.63 points, or 0.45 per cent, to settle at 74,336.45. The 50-share NSE Nifty advanced 99 points, or 0.43 per cent, to end at 23,217.60.
Among the 30 Sensex firms, ITC, State Bank of India, Axis Bank, Trent, Mahindra & Mahindra and Bharat Electronics were among the major gainers. IT stocks were among the laggards, with Tata Consultancy Services (TCS), Infosys, Tech Mahindra and HCL Tech all declining. Shares of TCS declined 2.60 per cent, while hose of Infosys were down 1.43 per cent and Tech Mahindra traded 1.26 per cent lower. Bajaj Finserv were among major laggards.
"Domestically, large-cap stocks led the gains, driven by strength in banking, FMCG and automobile counters, while the IT sector witnessed selective profit booking following its recent outperformance," Vinod Nair, Head of Research, Geojit Investments said.
On Tuesday, the Sensex plunged 777.94 points, or 1.04 per cent, to settle at a three-month low of 74,003.82, while the Nifty tanked 279.50 points, or 1.19 per cent, to end at 23,118.60, a five-month low.
"Elevated crude oil prices, with Brent trading near the USD 108 per barrel mark, continued to weigh on investor sentiment and kept market participants cautious," Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking said.
According to news agency PTI, Brent crude, the global oil benchmark, dipped 0.83 per cent to USD 107.8 per barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,977.86 crore on Tuesday.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225, Shanghai's SSE Composite index and Hong Kong's Hang Seng index ended higher."Investors now await the Fed Chair's commentary for deeper insight into the future rate trajectory, with the guidance expected to influence global liquidity conditions, capital flows and the near-term direction of financial markets," Nair said.
(With inputs from PTI)
