Market Wrap, Oct 29: NIFTY50 ends above 26K first time since Sept 2024, SENSEX rises 369 points; NTPC top gainer

The Indian equity benchmark indices closed higher on Wednesday, October 29, supported by a continued rally in oil and gas and metal stocks and positive global cues. Investor sentiment was further lifted by steady foreign fund inflows and optimism over a potential rate cut by the US Federal Reserve.

According to exchange data, on Tuesday, the foreign institutional investors (FIIs) bought equities worth ₹10,339.80 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹1,081.55 crore worth of equities.

Globally, indices in Asia ended higher on optimism about US-Japan trade ties and expectations of another Federal Reserve rate cut. Japan’s index touched a record high.

Japan's Nikkei rose 2.16%, South Korea's KOSPI jumped 1.73%, and the Shanghai Composite advanced 0.70%.

On Wall Street, US stocks surged to yet another record high as gold prices dropped and hopes of a Fed rate cut strengthened. The US Federal Reserve on Wednesday will kick off a string of policy announcements this week by global central banks, including those in Japan, Canada, and Europe.

The S&P 500 index rose 0.23%, the tech-heavy Nasdaq climbed 0.8%, and the Dow Jones Industrial Average rose 0.34%.

Here are the key developments of Wednesday's session that you need to know

As many as 3,203 stocks traded on the NSE on Wednesday. Out of this, 1,984 advanced and 1,128 stocks declined, while 91 scrips remained unchanged.

This indicated that the market breadth was in favour of advances.

A total of 85 stocks hit their 52-week highs, while 42 stocks touched their one-year lows. Besides, 87 stocks hit their upper circuit limits, and 47 touched their lower circuit bands on Wednesday.

The market capitalisation of NSE-listed firms stood at ₹471.67 lakh crore at the close of the session, adding ₹3.13 lakh crore from the previous day.

India VIX, the volatility gauge, stood at 11.97 levels, up 0.16%.

Except for Nifty Auto (-0.73%), all the other sectors ended in green. Nifty Oil and Gas led the winner’s pack, climbing 2.12%, followed by Nifty Metal (1.71%), Nifty Media (1.63%), Nifty FMCG (0.9%), Nifty Pharma (0.81%) and Nifty Consumer Durables (0.68%).  

The Nifty Midcap 100, which also touched a 52-week high of 60,216.55 on Wednesday, outperformed the main equity benchmark indices, rising 0.64% to end at 60,149.05. The Nifty Smallcap 100 also gained 0.43% to close at 18,487.55.

On the NIFTY50 index, 36 stocks closed higher, 14 declined, and one remained unchanged by the end of the session.

NTPC was the biggest contributor, gaining 2.9%, followed by Adani Ports (2.69%), ONGC (2.61%), Power Grid (2.43%) and JSW Steel (2.4%).

On the other hand, Dr.Reddy’s (-2.4%), Coal India (-2.16%), Bharat Electronics (-1.44%), Eternal (-1.18%) and Mahindra & Mahindra (-1.11%) were the biggest laggards on the 50-share index.