Sensex rallies 1,000 pts, Nifty tops 24,300; autos, IT lead broad gains

Indian equities remained firmly in the green at mid-session on Wednesday, with the BSE Sensex surging over 1,000 points and the Nifty 50 holding above the 24,300 mark, signalling sustained buying through the first half of trade.

Around 1:10 pm, the Sensex was trading above the 77,900 level, up roughly 1.3%, while the Nifty stood at 24,328.65, up 1.39%. The index hit an intraday high of 24,334.70 after opening at 24,096.90, and remained close to peak levels, indicating limited profit booking so far.

Autos lead the move; Maruti tops gainers

The rally was led by large-cap names, with autos dominating the gainers’ list.

Maruti Suzuki emerged as the top Nifty performer, rising 4.64%, followed by Tech Mahindra (+3.71%), Coal India (+3.62%), ITC (+3.30%) and Eicher Motors (+3.04%). Gains were also seen in Mahindra & Mahindra, Hindustan Unilever, Bharti Airtel and Infosys, reflecting participation across sectors.

Autos remained the key driver, supported by stock-specific momentum led by Maruti, while PSU-linked and consumption names added to the strength.

Banks rebound after RBI-led selloff

Financials added strength to the move, with the Nifty Bank index rising 1.31% to 56,126, helping validate the rally after a weak previous session.

Banking stocks had come under pressure on Tuesday following concerns around the RBI’s expected credit loss provisioning framework. Wednesday’s move reflects a relief bounce, with investors stepping back into frontline banks amid improving broader sentiment.

IT sees technical bounce after last week’s selloff

IT stocks edged higher, but the move comes in the context of a sharp correction last week. The Nifty IT had declined around 4–5% after weak Q4 commentary and guidance cuts from large-cap players like Infosys and TCS.

The uptick in today’s session is largely driven by short covering and stock-specific gains.

Asian markets firm; oil above $110 remains a risk

Cues from Asia were supportive, with key indices including Japan’s Nikkei 225, Hong Kong’s Hang Seng Index and South Korea’s KOSPI trading in positive territory.

However, elevated crude prices continue to act as a macro overhang. Brent crude is hovering in the $110–112 per barrel range, keeping concerns around inflation and external balances in focus.

Volatility cools; focus shifts to closing levels

Volatility eased sharply, with India VIX down over 6% to around 16.9, indicating reduced near-term uncertainty.

With indices trading close to intraday highs, the focus now shifts to whether Nifty sustains above the 24,250–24,300 zone into the close. A hold above these levels could support further upside, while any slip may trigger late-session profit booking.