Indian Stock Market Rebounds Amid Easing Crude Oil Prices
The Indian stock market rebounded on Wednesday amid easing crude oil prices and hopes of de-escalation in the West Asia conflict. The 30-share BSE Sensex climbed 299.17 points to settle at 74,828.25, while the 50-share NSE Nifty was up 117.80 points to end at 23,446.80.
The gains were led by Tata Steel, Bajaj Finance, ITC, UltraTech Cement, Power Grid and Larsen & Toubro. On the other hand, HCLTech, Infosys, Tata Consultancy Services, Titan and Mahindra & Mahindra lagged behind.
Crude oil prices remained below $100 per barrel, which added to the market's positive sentiment. Ponmudi R, CEO of Enrich Money, said that the combination of a more constructive geopolitical backdrop, softer oil prices and stronger domestic growth expectations gave investors greater confidence to extend buying beyond the large-cap segment.
Asian Development Bank raised its FY27 GDP growth forecast for India to 7 per cent, which reinforced confidence in the economy's underlying growth momentum. However, foreign institutional investors offloaded equities worth Rs 3,809.99 crore on Tuesday.