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Closing Bell: Sensex jumps 530 points to 61,150, Nifty at 18,200; Airtel, Reliance lead

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India's share market closed higher Wednesday for the fourth straight session. The 30-scrip Sensex closed at 61,150, as it rose 530 points and the Nifty50 index surged 150 points to end at 18,212. Among the 50 stocks on Nifty, Mahindra & Mahindra, Airtel, IndusInd Bank, Reliance, and ONGC led the gains.

Closing Bell: Sensex jumps 530 points to 61,150, Nifty at 18,200; Airtel, Reliance lead
India's share market closed higher Wednesday for the fourth straight session. The headline indices surged over half a percent higher, led by an uptick in realty, metal and auto stocks.
The 30-scrip Sensex closed at 61,150, as it rose 530 points and the Nifty50 index surged 150 points to end at 18,212. It is the first time since October 27, 2021 that Nifty has closed the day above 18,200. The broader markets supported the rally as both mid-caps and small-caps rallied nearly a percent higher. The market breadth favours the advances, with one stock rising for every one that slipped.
Among sectoral gauges, a strong rally was seen in auto, metal, and realty indices. Nifty Auto and Metal indices closed over 1 percent higher and the Nifty Realty index closed over 1.5 percent higher. Nifty Private Bank surged nearly 1 percent. Nifty IT was under selling pressure ahead of the release of third-quarter numbers of major IT stocks – TCS, Infosys, and Wipro. TCS and Wipro rose ahead of the Q3 earning number release while Infosys declined. Nifty Pharma and healthcare indices closed the day in the red.
Among the 50 stocks on Nifty, Mahindra & Mahindra, Airtel, IndusInd Bank, Reliance, and ONGC led the gains, as each scrip rose over 2.5 to 4.5 percent. Leading the losses were Titan, Shree Cement, TCS, Britannia, and Cipla.
Globally, stocks rose as US Federal Reserve Chair Jerome Powell sounded less bullish on rates than expected in testimony to Congress. MSCI's broadest index of Asia-Pacific shares outside Japan surged over 1.5 percent. Japan's Nikkei rallied nearly 2 percent. And Hong Kong's rallied over 2.5 percent as tech stocks surged. Shanghai stocks also surged as China's December inflation slowed down.
Stateside, Nasdaq futures and S&P 500 futures were starting to creep up too, following an overnight rally in S&P 500 as it surged over 1 percent.
Stocks in Europe were rising as well, with Germany's DAX up over half a percent.  Britain's FTSE was rising over 0.8 percent and France's CAC was up over 0.6 percent.
Over in commodities, crude oil hit its highest since the Omicron outbreak as world stocks rose to one-week peaks and the dollar plumbed six-week lows. Brent crude futures touched $84 a barrel for the first time in two months. And US crude futures crept up to $81.35 a barrel on expectations fuel demand will continue to strengthen as the Fed is seen raising interest rates more slowly than expected.
With inputs from Reuters
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