The Indian stock market closed higher on Wednesday, with both the Sensex and Nifty bouncing back ahead of the anticipated reciprocal tariffs announcement by US President Donald Trump. Banking and IT stocks led the rally, pushing the Sensex up by 592.93 points, or 0.78 percent, to 76,617.44. The index fluctuated between an intra-day high of 76,680.35 and a low of 76,064.94.
The Nifty index mirrored this upward trend, gaining 166.65 points, or 0.72 percent, to settle at 23,332.35. It recorded an intra-day high of 23,350 and a low of 23,158.45.
Top performers included Zomato, Titan, IndusInd Bank, Maruti Suzuki India, and Tech Mahindra, with gains up to 4.75 percent. However, Ultratech Cement, Nestle India, Bajaj Finance, Power Grid Corporation, and Bajaj Finserv declined by up to 1.36 percent.
Midcap and smallcap stocks outperformed the broader market, with the Nifty Midcap100 index rising 1.61 percent and the Nifty Smallcap100 index gaining 1.12 percent. All NSE sectoral indices ended in positive territory, led by the Nifty Realty index, which surged 3.61 percent.
Analysts noted that the market displayed resilience despite global uncertainties, with strong buying across key sectors. India's manufacturing PMI for March reaching an eight-month high further boosted investor sentiment, hinting at a Q4 FY25 corporate earnings recovery.
The rupee remained stable near 85.47 as investors closely monitored the potential global impact of US reciprocal tariff measures set to take effect from April 2 (US time).
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