Indian Stock Market Surges on Copper Price Rally and Govt Incentives

The Indian stock market surged on Wednesday, September 23, as both SENSEX and NIFTY50 indices rose nearly 370 points. The SENSEX soared to an intraday high of 74,973.74, a 0.6% increase, while the NIFTY50 gained 0.6% to touch a session peak of 23,466.90.

The rally was fueled by gains in metal stocks like Welspun, Vedanta, and Hindustan Copper, which rose up to 4% due to copper prices hitting an all-time high of $6.92 per pound. Investors were focused on the momentum from copper metal prices, which have risen for seven consecutive trading sessions.

Other stocks that gained included Aditya Infotech, Neogen Chemicals, NMDC, and Vedanta, following the government's announcement of an incentive scheme to promote domestic processing of lithium and nickel. The initiative aims to support the creation of a critical mineral value chain in India and reduce dependence on imported processed materials.