Sensex Soars Over 1,100 Points, Nifty Reclaims 25,350 as Oil Prices Ease

Mumbai: Indian stock markets opened sharply higher on Wednesday, with the benchmark Sensex surging more than 1,100 points and the Nifty crossing the 25,350 mark. Easing crude oil prices and improving sentiment towards domestic IT stocks supported the rally.

The positive opening also reflected signs of recovery in global chip stocks, helping improve investor sentiment towards the technology sector.

At 9:23 a.m., the BSE Sensex was trading at 82,274.50, up 1,167.85 points or 1.44 per cent. The NSE Nifty50 gained 307.95 points, or 1.23 per cent, to reach 25,352.60.

Market analysts maintained a positive outlook on the Nifty's technical structure but cautioned that the index could witness some consolidation. Its Relative Strength Index (RSI) stood at 77.88, indicating an overbought position.

Options data suggested that the 25,000 level could provide support due to significant put writing, while call writing in the 25,100–25,200 range could restrict immediate gains. Analysts placed immediate support at 25,000–25,150 and resistance at 25,450–25,500.

InterGlobe Aviation, Mahindra & Mahindra and State Bank of India (SBI) were among the leading gainers in the Nifty index.

The rally extended to broader market segments, with the Nifty MidCap index rising 0.68 per cent and the Nifty SmallCap index advancing 1.32 per cent.

Among sectoral indices, the Nifty PSU Bank recorded the strongest gains, reflecting increased buying interest in public sector banking stocks. The Nifty Pharma index, however, remained the biggest laggard among sectors.

Market experts said the improving global and domestic environment could encourage continued buying by foreign institutional investors (FIIs). They expect banking and financial services, telecom, capital goods, select automobile companies and major pharmaceutical stocks to attract investor interest.

According to analysts, large-cap stocks are likely to play a leading role in sustaining the market's upward momentum, although near-term consolidation remains a possibility given the overbought technical indicators.

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