Mumbai, September 18: Indian stock markets continued their upward trend for the second day on Wednesday, supported by encouraging trade discussions between India and the United States and hopes of a possible interest rate cut by the US Federal Reserve.
The BSE Sensex gained 313 points (0.38%) to close at 82,693, while the NSE Nifty 50 rose by 91 points (0.36%) to end at 25,330.
What Boosted the Markets?
- Positive talks on a bilateral trade deal between India and the US helped lift investor confidence. Along with this, expectations that the US Federal Reserve might lower interest rates soon made stocks more attractive for investors.
- The Indian rupee also remained steady, which added to the positive mood in the markets.
- Top Performing Stocks and Sectors
Leading the gains were companies like:
- State Bank of India
- Bharat Electronics
- Kotak Mahindra Bank
- Maruti Suzuki
- Trent
- UltraTech Cement
On the other hand, Bajaj Finserv, Titan, ITC, and Tata Steel saw some decline.
In terms of sectors, capital goods, banking, industrials, IT, oil & gas, and energy showed strong performance. However, metals, power, consumer durables, and FMCG sectors did not perform as well.
Broader Market Movement
The small-cap stocks rose by 0.51%, while mid-cap stocks gained 0.19%, indicating good participation beyond the top companies.
Global Market Trends
Across Asia, Shanghai and Hong Kong markets ended higher, but South Korea and Japan markets closed lower, showing mixed global sentiments.