The Indian market sustained gains on Wednesday as it was helped by rising rupee amid tumbling crude oil prices. However, the gains remained muted ahead of a likely US Federal Reserve interest rate hike. The Sensex traded at 36,492, higher by 145 points, or 0.40 percent, while the Nifty surged 58 points, or 0.53 percent, to trade at 10,966, at 12.55 pm.
Broader markets outperformed frontline indices with the Nifty MidCap trading higher by 1.15 percent. The BSE MidCap jumped 1.26 percent.
As many as 38 sectoral indices advanced, led by BSE Realty, Nifty Realty, Nifty PSU Bank, BSE Basic Metal and Nifty FMCG. BSE Realty rose by 2.26 percent.
Trading lower by 1.59 percent, Nifty IT was the weakest among the 5 declining sectors. BSE IT, BSE Teck, Nifty Media and Nifty Metal were other laggards.
Top index gainers included Indiabulls Housing Finance, Bajaj Finserv, Bajaj Finance, Asian Paints, UltraTech Cement, Asian Paints, Axis Bank, SBI, Maruti Suzuki and M&M, rising by up to 6.8 percent.
Shares of HCL Technologies, Infosys, Tech Mahindra, Sun Pharma, Tata Consultancy Services, Vedanta and Kotak Mahindra Bank, dipped by up to 2.43 percent.
Shares of aviation companies rose after crude prices hit a 14-month low. InterGlobe Aviation, SpiceJet and Jet Airways rallied up to 5 percent. Oil marketing companies like IOC, HPCL, BPCL and OIL too gained up to 1.43 percent.
Brent crude, an international benchmark, dropped to $57.07 per barrel on Tuesday, a 14-month low.
The rupee breached the 70 mark by surging 50 paise to trade at 69.94 against the dollar in early trade.
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-with inputs from agencies
First Published: IST