The benchmark indices opened lower, eventually maintained their gains throughout the session and closed higher.
Indian equity benchmark indices, the Sensex and Nifty 50 indices pared gains but finished the session on a positive note, tracking lower energy prices and reversal of foreign fund outflows.
At the closing bell, the BSE Sensex closed 772 points higher (up 0.9%)
Meanwhile, the NSE Nifty closed 210 points higher (up 0.8%)
Tata Steel, Trent, M&M are the top gainers today.
Adani Ports, Tech Mahindra, HCL Tech on the other hand, were among the top losers today.
The GIFT Nifty was trading at 25,225 with 103 points lower at the time of writing.
The BSE 150 Midcap index is trading 1% higher and the BSE 250 SmallCap index is trading 1.1% higher.
Sectoral indices traded mixed today, with metal sector and oil & gas sector witnessed buying. Meanwhile, stocks in healthcare sector and IT sector witnessed selling pressure.
4 reasons why Indian markets are rising:
#1 Asian Markets Gain:
Asian markets traded mostly higher on Wednesday, supported by better-than-expected earnings from CoreWeave, which eased concerns over AI-related investments. Japan's Nikkei gained, while Hong Kong's Hang Seng and China's Shanghai Composite declined.
#2 Crude Oil Decline:
Brent crude prices fell to a two-month low of US$89.16 per barrel on Tuesday after US officials played down the possibility of further military action against Iran, easing supply concerns. Prices recovered 0.5% to US$92 per barrel on Wednesday.
#3 Strong Rupee:
The Indian rupee strengthened by 7 paise to 93.70 against the US dollar in early trade on Wednesday, supported by falling crude oil prices. However, rising US Treasury yields following higher-than-expected inflation could limit further gains.
#4 FII Inflows:
The Nifty 50 surged 8.6% in the first six trading sessions of the month, supported by strong foreign institutional investor (FII) buying. The rally was also driven by improving global sentiment towards India amid easing concerns over AI-related investments.
The rupee is trading at Rs 93.7 against the US$.
Gold prices for the latest contract on MCX are trading 0.7% higher at Rs 1,41,565 per 10 grams.
Meanwhile, silver prices were trading 2.8% higher at 1,87,810 per 1 kg.
MRF Q2 FY27 Results
Shares of MRF came into focus after the company reported its Q2 FY27 results.
MRF reported a nearly 28% year-on-year decline in second-quarter profit as higher raw material costs offset strong demand for its tyres.
The Wanderer tyre maker's net profit fell to Rs 3.69 billion (bn) in the quarter ended September 30, compared with Rs 5.12 bn in the corresponding period last year.
Revenue from operations increased by nearly 18% to Rs 85.24 bn, while total expenses rose by more than 22%, largely due to higher material costs amid the ongoing conflict in the Middle East.
The cost of materials consumed surged by approximately 44% during the quarter.
MRF, whose tyres are certified by Suzuki for use on its superbikes, also declared an interim dividend of Rs 3 per share for the financial year ending March 31.
Whirlpool of India Q2 FY27 Results
Shares of Whirlpool of India came into focus after the company reported its Q2 FY27 results.
Whirlpool of India reported a 40% year-on-year decline in consolidated net profit to Rs 250.8 million (m) in Q2FY27, as commodity inflation, driven by geopolitical instability, rising crude oil prices and currency depreciation, weighed on its performance.
The company had posted a net profit of Rs 418 m in the July-September quarter of the previous fiscal year.
Revenue from operations rose 13.7% to Rs 18,731.2 m in the September quarter, compared with Rs 16,472.7 m a year earlier. The growth was driven by higher industry volumes, strategic price actions and continued premiumisation of its product portfolio.
Consolidated EBITDA declined 31% year-on-year to Rs 399 m during the quarter. EBITDA margin contracted to 2.1%, compared with 3.5% in the corresponding quarter last year.
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