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Mumbai: Indian stock markets closed higher for the second straight session on Wednesday, supported by easing oil prices and positive global signals. Improved investor sentiment helped both benchmark indices post strong gains during the day.

The Nifty rose 392.70 points or 1.72 percent to settle at 23,306.45. The Sensex gained 1,205 points or 1.63 percent to close at 75,273.45.

What Drove the Gains?

The rally was mainly driven by hopes of easing geopolitical tensions in the Middle East. US President Donald Trump’s statement on ongoing talks to end the conflict boosted confidence among investors.

Softer oil prices also played a key role, as lower crude costs reduce inflation pressure and support economic growth.

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Sector & Stock Performance

Consumer-focused stocks led the rally, with strong buying seen in the consumer durables segment. Real estate and public sector bank stocks also performed well.

Among top gainers on the Sensex were Bajaj Finance, Titan, IndiGo, Trent and Mahindra & Mahindra.

However, IT stocks lagged the market. Tech Mahindra, Power Grid and TCS were among the major losers in the session.

Broader Markets Outperform

Midcap and smallcap stocks performed better than the main indices. The Nifty MidCap index rose 2.30 percent, while the SmallCap index jumped 2.59 percent, showing broad-based buying across the market.

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Key Levels to Watch

Analysts said 23,300–23,350 is a crucial zone for the Nifty. Staying above this level may support short-term stability.

On the upside, 23,500–23,600 remains a strong resistance zone, followed by 23,800. On the downside, 23,000 is seen as an important support level, with 22,900 as the next cushion if markets weaken.

Experts believe the rally is sentiment-driven for now. Continued easing in global tensions and stable oil prices could support markets in the near term, while any negative trigger may lead to volatility.