Sensex Surges 633 Points, Nifty Ends Above 23,750 as IT, Realty and Auto Stocks Rally; Rupee Hits Record Low
Indian stock markets closed sharply higher on Wednesday, extending their recovery for a third straight session, even as the rupee slipped to a fresh record low against the US dollar. The Sensex climbed 633.29 points, or 0.83%, to end at 76,704.13, while the Nifty 50 gained 196.65 points, or 0.83%, to settle at 23,777.80.
Sensex and Nifty Closing Snapshot
Sensex: 76,704.13, up 633.29 points
Nifty 50: 23,777.80, up 196.65 points
Nifty Midcap: up 2%
Nifty Smallcap: up 1.6%
The day’s rally was broad-based and reflected improving risk appetite across sectors. Apart from FMCG and metal, most key indices finished in the green, with realty, IT, auto, media, capital goods, consumer durables, telecom and infrastructure shares posting gains of 1% to 3%. Midcap and smallcap stocks also outperformed, with the Nifty Midcap index rising 2% and the smallcap index adding 1.6%, showing that buying interest was not limited to just heavyweight stocks.
Market sentiment was supported by easing oil prices, strength in global equities, lower bond yields and bargain buying after the recent sell-off. According to the Economic Times live market blog, these factors helped Indian equities build on their rebound, with investors returning to beaten-down pockets of the market.
Among the standout gainers, Jio Financial Services emerged as the top Nifty performer, surging nearly 5% to 5.4% during the session on strong volumes. Tech Mahindra, Infosys, Eternal and Mahindra & Mahindra were also among the biggest gainers, highlighting the strong contribution of IT and select domestic cyclical stocks to the day’s upmove.
On the losing side, defensive names and select commodity-linked counters lagged. NTPC, Hindustan Unilever, Coal India, Cipla and Sun Pharma figured among the major drags, while metal and FMCG ended as the only sectoral losers, indicating that investors preferred growth-sensitive and rebound plays over defensives.
The broader undertone of the market remained constructive through the day. The Economic Times reported that the rally added more than Rs 5 lakh crore to the total market capitalisation of all BSE-listed companies, taking the overall market value close to Rs 439 lakh crore. That jump underlined the strength of the session and the scale of the rebound across the market.
Despite the strong finish in equities, the currency market painted a more cautious macro picture. The Indian rupee closed at a record low of 92.63 against the US dollar, compared with the previous close of 92.38. The fall in the rupee reflected persistent concerns over elevated crude oil prices, geopolitical tensions in the Middle East and capital outflows.
Analysts said the market’s bounce was driven by a mix of short covering and value buying after the recent correction. Vinod Nair of Geojit Investments said the recovery was broad-based, led by IT, realty and auto sectors, along with strength in mid- and small-cap stocks, though he also cautioned that near-term upside may remain capped by geopolitical tensions, high crude prices and rupee weakness.
Technical indicators also improved. According to market commentary carried by the Economic Times, Nifty has now posted positive closes for three sessions in a row, with momentum supported by bullish chart patterns and an RSI reversal from oversold territory. Analysts see 23,500 as key near-term support, while the next upside zone could be around 24,250 if positive momentum continues.
Overall, Wednesday’s trade offered a strong reminder that domestic equities can rebound quickly when valuation comfort, global cues and sectoral rotation align. But the simultaneous slide in the rupee to a record low suggests investors are still navigating an uneasy balance between bullish equity sentiment and macroeconomic pressure points.
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