The headline equity indices traded with major gains in the afternoon trade. The Nifty traded above 26,150 mark. All the sectoral indices traded in green with consumer durables, private bank and financial services shares gaining the most.
At 13:30 IST, the barometer index, the S&P BSE Sensex jumped 966.37 points or 1.14% to 85,553.38. The Nifty 50 index surged 288.15 points or 1.11% to 26,173.55.
In the broader market, the S&P BSE Mid-Cap index rallied 0.99% and the S&P BSE Small-Cap index climbed 0.98%.
The market breadth was strong. On the BSE, 2,725 shares rose and 1,202 shares fell. A total of 197 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.63% to 12.17.
Gainers & Losers:
JSW Steel (up 3.60%), Jio Financial Services (up 2.46%), HDFC Life Insurance Company (up 2.53%), Bajaj Finance (up 2.31%) and Bajaj Finsevr (up 2.25%) were the major Nifty50 gainers.
Bharti Airtel (down 1.29%) and SBI Life Insurance Company (down 0.01%) were the major Nifty50 losers.
Stocks in Spotlight:
Airfloa Rail Technology rose 2.26% after it secured an order worth Rs 86.65 lakh from Modern Coach Factory (MCF), Lalganj, Raebareli, for the supply of side-wall assemblies & door cut-out assemblies for trainset trailer car coaches.
NCC rose 1.33% after the company announced that it has received a letter of acceptance worth Rs 2,062.71 crore from the Public Works (Health & Education) Department of Assam for the expansion and modernization of Gauhati Medical College & Hospital in Guwahati.
Jyoti jumped 6.30% after the company received a letter of intent from Gujarat Energy Transmission Corporation (GETCO) for the supply of 11 KV vacuum circuit breaker (VCB) panels (quantity 525 Nos).
SMS Pharmaceuticals jumped 6.39% after the company’s associate company, VKT Pharma, received approval from the US Food and Drug Administration (USFDA) for its reformulated ranitidine tablets in 150 mg and 300 mg strengths.
Global Markets:
European markets opened higher on Wednesday as Fed rate cut expectations rise; UK budget ahead.
Asian markets traded higher, tracking Wall Street gains on hopes that the U.S. Federal Reserve could cut benchmark interest rates in December.
In Australia, the consumer price index rose 3.8% year-on-year in October, the fastest pace since adopting a new headline inflation measure in April, according to the official release. The largest contributor to the elevated inflation was the housing sector, which saw prices rise 5.9%.
Data for September retail sales and wholesale inflation landed Tuesday, several weeks delayed by the recent US government shutdown.
In the US, the September wholesale inflation rose by 0.3%, keeping the annual level at 2.7%, according to the Bureau of Labor Statistics. Retail sales rose 0.2% in September, but after factoring in the 0.3% increase in prices that month, spending was actually down 0.1%.
The core producer price index (PPI) rose just 0.1% in September, which brought the annual rate to 2.6%, the lowest since July 2024. The consumer confidence declined sharply in November to a reading of 88.7, the lowest level since April.
Overnight in the U.S., the Dow Jones Industrial Average index advanced 664.18 points, or 1.43%, to close at 47,112.45. The S&P 500 gained 0.91% to settle at 6,765.88, while the Nasdaq Composite climbed 0.67% to finish at 23,025.59.