Sensex gains 224 pts, Nifty above 23,200 amid optimistic sentiment

The Indian equity markets extended their rally for the second consecutive session on Wednesday, driven by buying interest in IT, metal, power, and realty sectors. At close, the Sensex was up 224.45 points or 0.29 percent at 76,724.08, and the Nifty was up 37.15 points or 0.16 percent at 23,213.20.
Trent, Power Grid Corp, NTPC, Kotak Mahindra Bank,Maruti Suzuki were the top gainers on the Nifty,while losers included  Axis Bank, M&M, Bajaj Finserv, Shriram Finance, Bajaj Finance. On the sectoral front, auto, media, pharma shed 0.5-1 percent, while IT, realty, power rose 0.5-1 percent. BSE Midcap index ended flat, while Smallcap index was up 0.3 percent.
Rupee Close:
On 15 Jan'25,the Indian rupee extended its recovery for the second straight session and settled with a gain of 13 paise at 86.40 against the US dollar on Wednesday, tracking favourable cues from domestic equity markets and softening crude oil prices. The American currency index also descended from a record peak, adding to the gaining momentum in the local unit, though it remained under pressure from continuous exit of foreign institutional investors, forex traders reportedly stated.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the domestic market continues to be volatile on account of elevated US bond yields, strengthening dollar, and increasing FIIs outflows. Global markets are cautious ahead of the US December CPI inflation data, which is anticipated to be in the elevated range in the short-term, limiting FED’s ability to cut rates. Also, a rise in oil prices & dollar appreciation is likely to affect domestic inflation in the near future.
Market experts have recommended four shares to buy--NBCC (India), Canara Bank, Bank of Maharashtra, and Medico Remedies.

(Business Correspondent)