The Sensex made a robust recovery on Wednesday, surging by 690 points to regain the 71,000 level, marking a 1% gain after experiencing declines over the previous two sessions. The rebound was driven by bargain-hunting activities in metal, commodity, and telecom stocks.
In the opening session, the BSE Sensex traded on a fluctuating path but gradually gained momentum. It soared by 689.76 points, or 0.98%, settling at 71,060.31. Throughout the trading day, the benchmark fluctuated between an intraday high of 71,149.61 and a low of 70,001.60. The broader NSE Nifty also closed significantly higher, rising by 215.15 points or 1.01% to reach 21,453.95.
Among the Sensex constituents, notable gainers included Tata Steel, registering a 3.77% increase, and HCL Tech, which gained 3.62%. Other prominent gainers encompassed IndusInd Bank, PowerGrid, Tech Mahindra, Hindustan Unilever, Bajaj Finserve, and Bharti Airtel.
On the flip side, ICICI Bank, Axis Bank, Asian Paints, Bajaj Finance, and TCS were the sole laggards, experiencing declines of up to 2.94%. Of the 30-share benchmark, 25 stocks settled in the green, while 43 constituents of the NSE Nifty recorded gains.
In the global market scenario, Japan's Nikkei 225 faced a 0.80% loss, while Hong Kong's Hang Seng displayed a substantial gain of 3.56%. China's Shanghai Composite closed 1.80% higher. European markets also witnessed positive trends, with Germany's DAX and France's CAC 40 gaining 1.00% and 0.58%, respectively. London's FTSE 100 rose by 0.29%.
In the US markets, the Dow closed 0.25% lower on Tuesday, the S&P 500 settled 0.29% higher, and the Nasdaq closed the session with a 0.43% gain. Brent crude futures, the global oil benchmark, saw a 0.58% increase, reaching USD 80.01 per barrel on Wednesday.
On the preceding day, the Sensex had experienced a decline of 1,053.10 points or 1.47%, settling at 70,370.55, while the Nifty declined by 330.15 points or 1.53%, closing at 21,241.65. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, offloading shares worth Rs 3,115.39 crore.
