Market Wrap, September 10: SENSEX up 324 points, NIFTY50 at 24,973, driven by strong IT rally; BEL, Wipro lead gains

The Indian equity market settled higher for the sixth consecutive session on Wednesday, September 10, as investor sentiment received a boost following positive message exchanges between Prime Minister Narendra Modi and US President Donald Trump amid ongoing tariff tensions.

A strong rally in IT stocks, foreign fund inflows and positive global cues further supported the market’s upbeat momentum.

Trump and Modi signalled progress on trade negotiations on Tuesday, even as tensions between the two countries have mounted over New Delhi’s purchases of Russian oil and new American tariffs on Indian goods.

Among sectors, Nifty IT gained 2.63%, driven by strong rallies in Oracle Financial Services Software (10.54%), Persistent Systems (5.51%), and Coforge (4.27%). Nifty Auto, however, declined 1.28% on profit booking.

According to exchange data, on Tuesday, the foreign institutional investors (FIIs) bought equities worth ₹2,050.46 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹83.08 crore worth of equities.

Globally, indices in Asia rose on Wednesday, echoing record rallies on Wall Street after the latest update on the job market bolstered hopes the US Federal Reserve will cut interest rates.

Japan's Nikkei gained 0.70%, Hong Kong's Hang Seng surged 1.11%, and the Shanghai Composite closed 0.13% higher, while South Korea's KOSPI index rose 1.67%.

On Wall Street, the three main indices closed at record highs on Tuesday as a downward payrolls revision supported expectations the Federal Reserve will soon cut interest rates.

The S&P 500 rose 0.27% to end at 6,512.61, Nasdaq climbed 0.37% to 21,879.49, and the Dow Jones Industrial Average advanced 0.43% to close at 45,711.34.

As many as 3,128 stocks traded on the NSE on Wednesday. Out of this, 1,835 advanced and 1,210 stocks declined, while 83 scrips remained unchanged.

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

A total of 67 stocks hit their 52-week highs, while 23 stocks touched their one-year lows. Besides, 102 stocks hit their upper circuit limits, and 83 touched their lower circuit bands on Wednesday.

NSE-listed firms' market capitalisation stood at ₹453.25 lakh crore at the end of the session.

India VIX, the volatility gauge, stood at 10.54 levels, slipping 1.38%.

The Nifty Smallcap 100 index gained 0.73% to end at 17,874.60 levels, while the Nifty Midcap 100 index closed at the 57,999.55 level, rising 0.93%.

Except for Nifty Auto (-1.25%), Nifty Media (-0.58%) and Nifty Consumer Durables (-0.31%), all the other sectoral gauges ended in green.

While Nifty IT led the gainers list by rising 2.54%, Nifty PSU Bank (2.14%), Nifty Realty (0.95%) and Nifty Private Bank (0.64%) were the other movers.

Bharat Electronics was the top contributor on the index, surging 4.58%, followed by Wipro (2.63%), HCL Technologies (2.6%), HDFC Life Insurance (2.21%) and Bajaj Finance (2.01%).

On the flip side, Mahindra & Mahindra (-2.36%), Bajaj Auto (-1.6%), Maruti Suzuki (-1.5%), Hero MotoCorp (-1.45%) and Eicher Motors (-0.81%) were the biggest laggards.