BT Closing Bell | Sensex settles 1,263 pts higher, Nifty above 24,200; IndiGo, Eternal lead gainers

Domestic equity benchmarks BSE Sensex and NSE Nifty surged on Wednesday after a brief pause on Tuesday for Ambedkar Jayanti. The rally was driven by rising hopes of potential de-escalation in the US-Iran conflict.

At close, the Sensex gained 1,263.67 points, or 1.64 per cent, to close at 78,111.24, while the Nifty jumped 388.65 points, or 1.63 per cent, to settle at 24,231.30. 

The optimism about potential US-Iran negotiations fuelled a broad market sentiment, driving oil prices below USD 100 as expectations of talks outweighed concerns about supply disruption, said Vinod Nair, Head of Research, Geojit Investments Limited.

Top gainers & losers

Among Sensex constituents, InterGlobe Aviation (IndiGo) emerged as the top gainer, rising 4.63% to Rs 4634.45. Eternal followed with a 4.36% gain, while Power Grid, Tech Mahindra, Tata Consultancy Services (TCS) and Larsen & Toubro rose 4.11%, 3.33%, 3.31% and 3.08%, respectively. 

“Despite a muted Q4 outlook, investors remain encouraged by attractive valuations and a relatively better FY27 earnings outlook, indicating that the rally could sustain momentum in the near term,” Nair added.

While Bharti Airtel, ICICI Bank and Axis Bank were among loser on the 30-pack index, which fell up to 0.64%. 

Five stocks, namely HDFC Bank, Reliance Industries, L&T, Infosys and TCS, contributed largely to the Sensex’s jump.  

Among sectoral indices, the BSE IT surged 2.78% to settle at 30,371.25, while the BSE Utilities index gained 2.52% to close at 5,848.97.

“With uncertainty around the Strait of Hormuz still unresolved, the recovery—while broadening—remains contingent on ceasefire talks translating into concrete and verifiable outcomes before markets can reclaim pre-war levels with stronger conviction,” said Ponmudi R, CEO of Enrich Money.