Stock Market Today: Dalal Street snapped its three-day losing streak on Wednesday. The market saw broad-based buying in the first session of the December F&O series. Benchmark indices Sensex and Nifty were up more than 1 per cent.
At 02:45 pm, the S&P BSE Sensex jumped to 85,576, up 988.99 points or 1.17 per cent. The Nifty 50 rose to 26,196.30, gaining 311.50 points or 1.20 per cent. The index opened at 25,842.95, compared with the previous close of 25,884.80.
The rally was supported by positive global cues, hopes of a US Fed rate cut, falling crude oil prices and steady foreign investor buying. The market sentiment remained upbeat in large-cap, mid-cap and small-cap stocks, which helped the benchmark indices rise sharply.
1. Strong global cues lifted sentiment
US markets gained for three straight days. This positive global setup supported buying on Dalal Street.
2. Crude oil fell to a five-week low
Oil prices slipped near Rs 62 levels, improving the outlook for inflation and supporting equities.
3. Hopes of a US Fed rate cut
Expectations of lower interest rates boosted banking and rate-sensitive stocks.
4. Fresh start to the December series
The new F&O series opened with light open interest, and weak trader positions got cleared after expiry. This improved market stability.
5. Broad-based buying across large, mid and small caps
A breakout in RIL, gains in Bank Nifty, and strong momentum in mid-cap and small-cap stocks pushed Sensex and Nifty higher by over 1 per cent.