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The Indian stock market commenced Wednesday's trading session on a positive note, with the benchmark indices, Sensex and Nifty, registering notable gains. The BSE Sensex opened the day with an impressive jump of nearly 200 points, or 0.24%, reaching 81,655.90 levels. Concurrently, the Nifty50 index surged 29 points, or 0.1%, to settle at 24,886.70 levels.
Among the individual stocks, Maruti Suzuki and NTPC emerged as the top gainers on the BSE, while Axis Bank and Power Grid faced pressure, leading the laggards. Similarly, on the NSE, Asian Paints and Hindalco emerged as prominent gainers, while Power Grid and Tata Consumer found themselves among the top losers.
The broader market exhibited mixed sentiments, with the Nifty SmallCap index registering a 0.33% decline, while the MidCap index traded 0.27% higher. Sectorally, Nifty Consumer Durable and Pharma indices spearheaded the gains, registering over 0.6% growth each. The FMCG sector also witnessed a positive trend, rising by 0.5%.
Looking at the global cues, the Asia-Pacific region displayed mixed performance amidst anticipation for crucial announcements, including the Bank of Japan's rate decision and business activity data from China. The Nikkei index declined by 0.86%, while the Kospi and ASX200 indices registered gains of 0.52% and 0.64%, respectively.
The US markets also exhibited a mixed performance as investors awaited the Federal Reserve's monetary policy decision. The Nasdaq index declined by 1.28%, the S&P 500 decreased by 0.50%, and the Dow Jones index witnessed a positive trend, rising by 0.50%.
The Indian stock market's positive performance on Wednesday was likely driven by a combination of factors, including strong corporate earnings, positive domestic economic data, and investor confidence in the country's growth prospects. However, global uncertainties, including the ongoing war in Ukraine, rising inflation, and the possibility of aggressive interest rate hikes by the US Federal Reserve, continue to weigh on investor sentiment.
Overall, the Indian stock market is likely to remain volatile in the near term as investors navigate the complex global economic landscape. However, the long-term growth prospects for the Indian economy remain positive, driven by factors such as strong domestic demand, government investments in infrastructure, and a rapidly growing digital economy.
Source: Stock Market Update: Sensex Rises 180 Points, Nifty Above 24,900; GAIL Up 4%