Despite mixed signals from global markets, Indian stocks saw a significant increase on Wednesday. The buoyant sentiment was somewhat bolstered by the ongoing decline in crude oil prices, triggered by data revealing a substantial increase in crude stockpiles in the United States, the world's largest oil consumer.
Stocks, sensitive to interest rates like banking and auto sectors, along with market juggernaut Reliance Industries, led the advances, while FMCG and IT stocks lagged behind. The S&P BSE Sensex, a bellwether index of 30 major stocks, surged by 526.01 points, or 0.73 percent, to finish at 72,996.31. Meanwhile, the NSE Nifty 50 closed at 22,123.65, a rise of 118.95 points or 0.54 percent from its previous close.
Reliance Industries, a significant market player, soared by 3.5 percent following the announcement that Goldman Sachs increased its target price for the stock. Other notable gainers included Titan Company, Bajaj Finance, Bajaj Auto, and Maruti Suzuki India, which escalated by 2-3 percent.
Sanofi India saw a 3.8 percent rise after signing a distribution agreement with Cipla for Central Nervous System (CNS) products. Asian and European market cues were mixed. In European trade, gold prices nudged higher while the dollar held steady on the back of dovish remarks from a Board of Japan member and the anticipation of the U.S. inflation assessment.
The upcoming U.S. Federal Reserve's favoured inflation indicator and Federal Reserve Chair Jerome Powell's public commentary on Friday are expected to provide further insight into the Federal Reserve's future interest rate direction.
