Mumbai, Sep 23: Indian equity markets staged a strong recovery on Wednesday as easing crude oil prices improved investor sentiment and triggered fresh buying across key sectors.
The Sensex gained 299.17 points, or 0.4 per cent, to close at 74,828.25, while the Nifty rose 117.80 points, or 0.5 per cent, to settle at 23,446.80. The rebound came after crude prices stabilised around the $100-a-barrel level, easing some concerns over the impact of higher energy costs on the domestic economy.
Metal stocks emerged as a major source of support for the market, while financial and other sectoral counters also witnessed buying interest. Earlier in the session, Tata Steel, Bajaj Finance and several other heavyweight stocks helped lift the benchmark indices.
The movement in crude oil remained a key factor for investors. Brent crude fell below the $99-a-barrel mark during the session, helped by improving supply expectations and hopes of progress in US-Iran talks. Lower oil prices are particularly significant for India because the country depends heavily on imported energy.
Broader markets also remained firm, with mid-cap and small-cap stocks gaining during the session. However, IT stocks remained under pressure, highlighting the mixed trend across sectors.
Market participants continued to track global crude prices, geopolitical developments, foreign fund flows and bond yields for further direction. The latest recovery reflects the sensitivity of Indian equities to movements in global energy prices and international market conditions.
With crude prices showing signs of moderation, investors are closely watching whether the improvement in energy costs can provide further support to domestic equities in the coming sessions.