Sensex, Nifty Rebound Led By IT Stocks

(RTTNews) - Indian shares ended notably higher on Wednesday, after having fallen sharply in the previous session due to concerns over U.S. President Trump's tariff stance, weak corporate earnings and continued foreign fund outflows.

The benchmark S&P/BSE Sensex surged 566.63 points, or 0.75 percent, to 76,404.99 while the broader NSE Nifty index closed at 23,155.35, up 130.70 points, or 0.57 percent, from its previous close.

Second-line stocks came under heavy selling pressures, with the BSE mid-cap and small-cap indexes closing down 1.20 percent and 1.56 percent, respectively.

The market breadth was negative on the BSE, with 2,791 shares declining while 1,152 shares advanced and 116 were unchanged.

IT stocks topped the gainers list after Netflix Inc. reported its biggest quarterly subscriber gain in history and Trump announced a joint venture with OpenAI, Oracle and Softbank to invest billions of dollars in artificial intelligence infrastructure in the United States.

Tech Mahindra, TCS, Infosys and Wipro jumped 2-4 percent.

HDFC Bank gained 1.8 percent after Q3 profit beat estimates. Hindustan Unilever ahead of its earnings release.

Global cues were mixed, with Chinese and Hong Kong markets falling after Trump threatened tariffs on the EU and China to address trade imbalances and combat fentanyl trafficking.

The dollar shed some ground amid bets the Federal Reserve will cut interest rates sooner and faster than expected this year.

Gold climbed to a fresh 11-week high while oil extended steep overnight losses after Trump declared a national energy emergency to ramp up energy production.

Trump's plan to maximize oil and gas production has raised concerns of higher U.S. output in a market widely expected to be oversupplied this year.