News Article: Sensex Rises Over 100 Points, Nifty Nears 25,150 Amid Gains in RIL, IT Stocks; OMCs Outperform

Bulls in Charge: Sensex and Nifty Continue Upward March

Domestic equity benchmarks extended their winning streak on Wednesday, with the BSE Sensex climbing over 100 points and the Nifty 50 nearing the crucial 25,150 level. Investor sentiment remained upbeat, bolstered by gains in index heavyweight Reliance Industries (RIL), a robust performance by information technology (IT) stocks, and a sharp rally in oil marketing companies (OMCs).

The 30-share Sensex closed the session up 112 points at 82,237, while the broader Nifty 50 settled just 25 points shy of 25,150, marking yet another record-high closing for the benchmark index.

Key Drivers: RIL, Tech, and Energy Stocks Lead the Rally

The market's positive tone was primarily driven by Reliance Industries, which gained over 1.5% following reports of aggressive expansion in its renewable and digital arms. RIL’s strong rally added significant heft to both indices.

IT majors including Infosys, TCS, and HCLTech also contributed to the upmove, as investors turned optimistic on global tech spending and a likely turnaround in the US economy. A softer dollar and improved visibility on US Fed rate cuts later in the year lifted sentiment across export-driven tech counters.

Meanwhile, OMCs like Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) outperformed sharply, rising between 3% and 5% amid falling global crude oil prices and expectations of improved marketing margins.

Sector Watch: IT, Energy, and FMCG Shine

• Nifty IT index gained over 1.2%, with Tech Mahindra leading the pack.

• Nifty Energy rose 1.5% driven by Reliance, BPCL, and ONGC.

• Nifty FMCG showed mild gains, as rural demand recovery hints supported stocks like HUL and Dabur.

• On the flip side, metal and pharma indices were muted on concerns of high valuations and weak pricing power.

Market Context: Domestic Confidence, Global Cues

Market sentiment has been buoyed by strong domestic macroeconomic indicators, including robust GST collections, higher PMI readings, and a rebound in rural consumption. On the global front, cooling inflation in the US and Eurozone has given investors confidence that central banks may soon pivot to a more dovish monetary stance.

“The Indian market is riding high on a combination of domestic macro strength and global stability. A tech-led rally, resilience in OMCs, and consistent foreign institutional buying are offering solid support to the Nifty's upward trajectory,” said Amit Khurana, Head of Equities at Dolat Capital.

FIIs have remained net buyers for the sixth consecutive session, with provisional data showing over ₹1,200 crore of net inflows on Tuesday.

Reliance Industries: The Big Catalyst

Reliance Industries was the star performer of the day, with the stock rising over ₹50 per share intraday. The surge followed reports that Jio Financial Services is set to receive a fresh capital infusion for its digital lending arm, while the renewables business gears up for a new green hydrogen pilot.

“Reliance is regaining momentum across verticals. With capex peaking and monetization underway in digital and energy platforms, the stock is back in focus as a long-term value play,” said Nikhil Kamath, Market Strategist at True Beacon.

Oil Marketing Companies on a Roll

OMCs, often under pressure from volatile crude prices and government regulations, enjoyed a rare day of outperformance. Brent crude fell to $77 per barrel, triggering expectations of higher refining and marketing margins for public sector oil firms.

“OMCs are looking attractive due to easing crude prices, limited subsidy burden, and improved inventory dynamics. Valuations remain supportive, especially for BPCL and IOC,” noted Meera Shah, Senior Research Analyst at Axis Securities.

Technical View: Nifty Eyes 25,300, Support at 24,850

From a technical standpoint, Nifty continues to trend within a bullish channel. Immediate resistance is seen around 25,300, while strong support lies at 24,850.

“The index is forming higher highs and higher lows on the daily chart. As long as Nifty holds above 24,850, dips should be considered as buying opportunities. IT, energy, and FMCG are likely to lead the next leg up,” said Rajesh Bhosale, Technical Analyst at Angel One.

Bank Nifty remained range-bound, ending flat at 56,590, with mixed cues from private and PSU banks.

Investor Outlook: Positive Sentiment Prevails

The continued rally in benchmark indices, led by sector rotation and improving liquidity, has reinforced investor confidence. Analysts expect the bullish undertone to persist in the near term, driven by:

• Strong FII inflows

• Healthy earnings outlook for key sectors

• Robust macro indicators

• Stability in global markets

However, some caution is warranted due to elevated valuations, potential global headwinds, and policy risks ahead of the Union Budget next month.

Indian equity markets remained firm mid-week, buoyed by strong corporate performance and improving sentiment across key sectors. With Sensex crossing 82,200 and Nifty inching towards 25,150, the rally appears well-supported. As long as global headwinds remain subdued and earnings visibility continues, investors can expect this upward momentum to sustain, albeit with intermittent profit-taking.