Sensex soared nearly 800 points and the Nifty reclaimed the 24,000 mark

Benchmark equity indices rebounded sharply on Wednesday, with the Sensex soaring nearly 800 points and the Nifty reclaiming the 24,000 mark, driven by falling crude oil prices, strong buying in banking and IT stocks, and optimism over a potential India-US trade agreement.The 30-share BSE Sensex climbed 790.54 points, or 1.04 per cent, to settle at 76,991.22. During the session, it surged as much as 989.69 points to touch 77,190.37. The NSE Nifty advanced 197.55 points, or 0.83 per cent, to close at 24,021.65.Market breadth remained positive, with 2,215 stocks advancing on the BSE against 2,034 declines, while 181 remained unchanged.

Nifty50 top gainers

Nifty50 top losers

Sensex top gainers

Sensex top losers

Banking, IT stocks lead recovery

InterGlobe Aviation, Trent, Tech Mahindra, Bajaj Finance, ICICI Bank, Infosys, HDFC Bank and Tata Consultancy Services emerged as the top gainers among Sensex constituents.On the other hand, NTPC, Tata Steel, Maruti Suzuki and Bharat Electronics ended lower.Sector-wise, private banking stocks led the rally. The BSE Private Banks index gained 2.21 per cent, followed by Realty (2.17 per cent), Services (2.14 per cent), IT (1.81 per cent), Bankex (1.78 per cent) and Focused IT (1.68 per cent).The BSE SmallCap Select index rose 0.44 per cent, while the MidCap Select index added 0.32 per cent.

Crude oil decline boosts sentiment

Analysts attributed the rally largely to easing concerns over global energy supplies as crude oil prices continued to retreat.Brent crude, the global benchmark, fell 1.69 per cent to USD 75.78 per barrel.“Domestic equities ended higher, supported by positive Asian cues and a sharp drop in crude prices following improved traffic at the Strait of Hormuz, alongside growing expectations of an imminent India-US trade deal,” Vinod Nair, head of research at Geojit Investments Limited, said, as quoted by news agency PTI.Vikram Kasat, head advisory at PL Capital, said the market benefited from relief over the situation between the US and Iran and expectations of uninterrupted energy flows through the Strait of Hormuz.

Trade deal optimism adds support

Investor sentiment was also lifted by reports that India and the US are nearing the conclusion of a bilateral trade agreement.A senior US official recently said the two countries are “very, very close” to finalising a trade deal that would expand market access on reciprocal terms.Foreign institutional investors (FIIs) also remained supportive, purchasing equities worth Rs 17.86 crore on Tuesday, according to exchange data.

Global markets mixed

Asian markets mostly ended higher, with South Korea’s Kospi surging more than 3 per cent after steep losses in the previous session. Shanghai’s SSE Composite and Hong Kong’s Hang Seng also closed in positive territory, while Japan’s Nikkei 225 ended lower.European markets traded mixed during the day.The rebound in Indian equities came a day after a sharp sell-off. On Tuesday, the Sensex had plunged 893.39 points, or 1.16 per cent, while the Nifty dropped 278.80 points, or 1.16 per cent, amid weak global cues and concerns over geopolitical tensions.Analysts said easing tensions in West Asia, lower crude prices and renewed foreign investor interest helped restore risk appetite and supported broad-based buying across sectors.