Shillong: Indian markets staged a sharp recovery Wednesday. The BSE Sensex jumped 790.54 points to finish at 76,991.22. The NSE Nifty added 197.55 points to close at 24,021.65. Buyers returned to the floor.
Falling crude oil prices and heavy buying in bank and IT stocks drove the gains. Foreign institutional investors turned net buyers, helping stabilize the mood after Tuesday’s losses. Traders noted that growing expectations of an India-US trade deal also kept spirits high.
Out of 4,430 total stocks, 2,215 advanced while 2,034 fell. Major winners included InterGlobe Aviation, Trent, Tech Mahindra, and ICICI Bank. Lagging behind were NTPC, Tata Steel, and Maruti.
Global markets remained shaky. Wall Street struggled after a tech sell-off, while Asian exchanges saw mixed results following recent turbulence. Brent crude dropped 1.6 percent to 75.57 dollars a barrel.
Investors are now looking ahead to Thursday. They await the US personal consumption expenditures price index. This report serves as a key inflation gauge for the Federal Reserve. As one trader noted, "foreign funds turning net buyers in the domestic market supported the firm trend in equities."
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