Sensex Gains 369 Points, Nifty Tops 26,050 Mark as Oil & Metal Stocks Lead Rally

Sensex Rises 369 Points, Nifty Ends Above 26,050 on Global Boost, Trade Deal Buzz.

Indian equities extended gains for the third straight session on Wednesday, buoyed by firm global cues and optimism ahead of the US Federal Reserve’s policy outcome. Investor sentiment also improved after reports suggested US President Joe Biden may soon finalise a trade deal with India.

The BSE Sensex jumped 368.97 points, or 0.44%, to close at 84,977.13, while the NSE Nifty50 added 117.7 points, or 0.45%, to finish at 26,053.9. Broader markets moved in tandem, with the NSE Midcap 100 up 0.64% and the Nifty Smallcap 100 rising 0.43%.

Except for Nifty Auto, all sectoral indices ended in the green. Nifty Oil & Gas led the charge with a 2.12% gain, followed by Energy, Metal, Media, Bank, Financial Services, IT, Pharma, FMCG, and Consumer Durables.

Among Sensex stocks, NTPC, Power Grid, Adani Ports, HCL Tech, and Tata Steel topped the gainers’ list, while Bharat Electronics, Eternal, Mahindra & Mahindra, Maruti Suzuki, and Bajaj Finance were the major drags.

“The Nifty50 maintained its bullish tone for a third consecutive day,” said Ponmudi R, CEO, Enrich Money. “However, resistance is seen around 26,050–26,100, with support at 25,900–25,660. A breakout above 26,100 could push the index toward 26,250–26,400, while a dip below 25,900 might trigger mild profit booking.”

Global Markets
Asian shares traded mixed ahead of the Fed’s rate decision, where a second consecutive 25-basis-point cut is widely expected — potentially lowering the US federal funds rate to 3.75–4.00%.

Japan’s Nikkei climbed over 1% to a fresh record high, while the Topix was flat. South Korea’s Kospi edged up 0.17%, and Australia’s ASX 200 slipped 0.16% after Q3 inflation hit a one-year high of 3.2%. Hong Kong markets were shut for a public holiday.

Overnight, Wall Street benchmarks hit fresh highs — the S&P 500 gained 0.23%, Nasdaq advanced 0.80%, and the Dow Jones rose 0.34% — as investors positioned themselves ahead of the Fed’s policy announcement.