The Indian stock markets extended their gains for the second consecutive session on Wednesday, January 29, as IT and banking stocks led the rally. Positive sentiment was also fueled by value buying in the broader market, coupled with a decline in crude oil prices, which supported the bulls throughout the session.
The Nifty 50 index rose 213.50 points, or 0.93%, to close at 23,170, while the BSE Sensex climbed 682 points (or 0.90%) to settle at 76,583. Strong buying interest in heavyweight stocks contributed to the market's upward momentum.
Broader market indices outperformed the benchmarks, with the Nifty Midcap 100 surging 2.32% to close at 52,724, and the Nifty Smallcap 100 rallying 3.32% to 16,540. The sharp recovery in small-cap and mid-cap stocks indicated renewed investor confidence.
The session saw IT and banking stocks leading the gains, with notable performances from companies in these sectors. Additionally, easing crude oil prices provided further support to equity markets, reducing concerns about inflationary pressures.
With sustained buying interest, market sentiment remains positive as investors look ahead to key economic developments and corporate earnings reports in the coming weeks.
