Daijiworld Media Network- Mumbai
Mumbai, Apr 23: The Indian stock markets witnessed a strong rebound on Wednesday morning, with benchmark indices surging on the back of global market optimism and continued foreign institutional investor (FII) support.
The BSE Sensex soared by 658.96 points in early trade to breach the 80,000 mark once again, settling at 80,254.55, while the NSE Nifty jumped 192.05 points to reach 24,359.30. This bullish momentum was largely driven by robust buying in heavyweight IT stocks and positive cues from global peers.
Among the top gainers on the Sensex were HCL Technologies, which rallied over 6 percent after posting an 8.1 percent rise in consolidated net profit at Rs 4,307 crore for the March quarter of FY25. The company’s performance was bolstered by large-scale deals worth Rs 25,500 crore. Other major gainers included Tech Mahindra, Infosys, Tata Consultancy Services, Tata Motors, and Maruti.
However, not all stocks saw green. Bajaj Finance, HDFC Bank, and State Bank of India were among the notable laggards in the morning session.
Asian markets mirrored the upbeat sentiment with indices in South Korea, Japan, China, and Hong Kong trading positively. Meanwhile, Wall Street staged a strong comeback on Tuesday with the Nasdaq rising 2.71%, the Dow Jones gaining 2.66%, and the S&P 500 advancing 2.51%.
FIIs remained bullish on Indian equities, purchasing shares worth Rs 1,290.43 crore on Tuesday, as per exchange data.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that market confidence was buoyed by remarks from former US President Donald Trump indicating a softened stance on Chinese tariffs and his assurance not to sack the Federal Reserve chief — developments that calmed global investor nerves.
Additionally, international crude oil prices edged up, with Brent crude trading 0.67 percent higher at USD 67.89 per barrel.
On Tuesday, the BSE benchmark had closed 187.09 points higher at 79,595.59, while the Nifty had gained 41.70 points to settle at 24,167.25.