Indian stocks benchmarks on Wednesday scaled up sharply, led by gains in financial, consumer and automobile stocks. The recent drop in crude oil prices added to investors' optimism.
The Nifty of the National Stock Exchange advanced 179 points or 1.13 percent today to conclude at 15,990, while the 30-share BSE Sensex rose by 617 points or 1.16 percent to close at 53,751. Mid-cap and small-cap equities ended the day well, with the Nifty Midcap 100 soaring 1.90percent and the small-cap index rising 0.49percent.
Bajaj Finance emerged as the top index winner after releasing a positive Q1FY23 earning results. The Non-Banking Financial Company reported that during the quarter, it saw the highest-ever quarterly increase in its customer franchise, rising by 2.7 million, and that it originated 7.4 million new loans, up from 4.6 million during the same period last year.
After falling by 9.5percent in the previous session, the price of Brent crude futures was trading just around USD104 per barrel. US crude futures were marginally higher, staying above the USD100 a barrel mark, after ending below USD100 for the first time since late April yesterday.