The Indian stock market continued its upward momentum on Wednesday, with the benchmark indices trading higher at midday. At 12 PM, the BSE Sensex gained 287.31 points, or 0.38 per cent, reaching 76,786.94, while the Nifty50 added 65.40 points, or 0.28 per cent, trading at 23,241.45.

Sectoral and stock-specific movements

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The market witnessed broad-based gains, led by banking, IT, and energy stocks. Among the Sensex constituents, Maruti Suzuki, Zomato, NTPC, IndusInd Bank, Kotak Bank, and HCL Tech were up by 1-2.5 per cent. However, stocks like M&M, Nestle India, Bajaj Finance, Axis Bank, and Bajaj Finserv saw declines.

HDFC AMC emerged as one of the top gainers, soaring nearly 4 per cent following a 31 per cent year-on-year increase in its net profit for the December quarter, amounting to Rs 641 crore. On the sectoral front, Nifty Bank, Auto, IT, Metal, and Oil & Gas indices were in the green, while FMCG, Pharma, Healthcare, and Realty stocks experienced some pressure.

Noteworthy stock movements

Shares of Adani Green Energy surged by 5.7 per cent, hitting an intraday high of Rs 1,065. This surge followed the company’s announcement of the commissioning of a 57.2 MW wind-solar hybrid project in Gujarat.

Indian Railway Finance Corporation Ltd (IRFC) also saw significant gains, with its stock rising 3.6 per cent to Rs 140.65 after being selected as the lowest bidder to finance a Rs 3,167 crore development project in Jharkhand.

Shoppers Stop experienced a stellar performance, with its shares jumping by 10.8 per cent after reporting a 41 per cent YoY increase in Q3 profit, driven by strong festive season demand for premium products like watches and perfumes.

Global market overview

Global markets remained relatively steady as investors awaited the release of U.S. consumer price data, which could affect the likelihood of a rate cut this year. In Asia, U.S. equity futures showed modest gains, with the S&P 500 and Nasdaq 100 futures up by 0.1 and 0.2 per cent, respectively. Japan's Nikkei saw a 0.1 per cent increase, while China's blue-chip stocks fell by 0.4 per cent. Hong Kong’s Hang Seng index rose by 0.14 per cent.