Mumbai, July 15: Domestic equity benchmarks extended gains in Wednesday's trade, tracking positive global cues after the United States dropped its proposed 20 per cent fee on shipments transiting the Strait of Hormuz, easing fears of a prolonged Middle East-driven oil price shock.
As of 11:00 AM, the Sensex was up 459 points, or 0.60 per cent, at 77,508.46, while the Nifty50 gained 126 points, or 0.52 per cent, to trade at 24,175.85. Reliance Industries was among the biggest contributors to the Sensex rally, adding nearly 11.77 points to the index after rising about 0.90 per cent to ₹1,304.35.
Broader markets outperformed the benchmarks, with the Nifty MidCap up 0.6 per cent and the Nifty SmallCap climbing 1.01 per cent, pointing to broad-based buying interest beyond large-cap names.
Sectors in Focus
Chemicals, PSU Banks and Financial Services were the standout performers of the session. The Nifty Chemical index led gains, with Aarti Industries, Deepak Nitrite and Pidilite Industries among the top movers. On the other end, IT and Metal stocks came under pressure, with the Nifty IT index slipping around 1 per cent amid continued caution over global demand and margin pressures.
Among individual stocks, Landmark Cars surged 12 per cent intraday to an eight-month high of ₹570 on heavy volumes, while newly listed Kusumgar made a strong Dalal Street debut after raising ₹650 crore via IPO.
The rally comes a day after the Sensex had shed 561 points on Tuesday amid US-Iran tensions and a spike in crude oil prices past $80.08 a barrel.
Aurelius Business View
Today's bounce-back suggests markets are taking a breather from geopolitical anxiety, but the underlying volatility tied to Strait of Hormuz developments and crude prices remains a key risk. Investors should watch Q1 earnings from banks, NBFCs and autos this week for the next directional cue, rather than reading too much into a single day's sectoral rotation.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Please consult a qualified financial advisor before making any investment decisions.
