Amid rising global tensions, the domestic stock market closed with gains on Wednesday. At the end of the trading session, BSE Sensex closed at 76,704.13, registering a massive gain of 633.29 points. Along with this, NSE Nifty also closed at the level of 23,777.80, registering a gain of 196.65 points. Except FMCG and metal sectors, all other sectoral indices closed with gains. Sectors like Realty, IT, Auto, Media, Capital Goods, Consumer Durables, Telecom and Infrastructure saw a growth of 1 to 3 percent.
According to reports, the Nifty Midcap index gained 2 percent, while the Smallcap index closed higher by 1.6 percent. The biggest gainers in Nifty included Jio Financial, Tech Mahindra, Infosys, Eicher Motors and M&M. On the contrary, the list of declined stocks included Coal India, NTPC, HUL, Cipla and Sun Pharma.
The Indian rupee on Wednesday weakened by 23 paise to close at a record low of 92.63 (provisional) against the US dollar, under pressure from a stronger US dollar and sustained selling by foreign institutional investors (FIIs). According to forex traders, rising crude oil prices in the global market—which have increased due to rising tensions in the Middle East—further weakened investor sentiment. At the interbank forex market, the rupee opened at 92.42 and traded in the range of 92.41 to 92.48 for most of the session. However, in the late stages of trading, it witnessed a sharp decline and closed at an all-time low of 92.63 (provisional)—a fall of 23 paise from its previous close. During the trading session, the rupee also slipped to a record intra-day low of 92.65. Earlier on Tuesday, the rupee had hit an intra-day low of 92.47 and eventually closed at an all-time low of 92.40.
Fall in crude oil prices
On Wednesday, crude oil prices fell in futures trade amid signs of easing supply concerns in the global market. On the Multi Commodity Exchange (MCX), crude oil prices fell ₹137, or 1.54 per cent, to ₹8,734 per barrel. The decline was seen in March delivery contracts, which had a trading volume of 5,244 lots. Meanwhile, the April delivery contract also fell ₹98, or 1.11 per cent, to ₹8,746 per barrel, with a trading volume of 14,676 lots.
According to experts, crude oil prices continue to fluctuate in the market amid signs of easing geopolitical tensions in the Middle East and reduction in supply-related concerns. A declining trend in prices was also seen in the international market. Brent crude futures for May delivery fell 0.62 per cent to $102.78 per barrel, while West Texas Intermediate (WTI) crude fell 1.56 per cent to $94.04 per barrel in New York.