The Indian stock market closed higher for the sixth consecutive session on Wednesday, September 10, as tech stocks continued to lead the charge amid increasing hopes of a US Fed rate cut, while expectations of a resumption of trade talks between India and the US lifted broader sentiment and triggered a rally in export-oriented stocks, especially in textile counters.
Against this backdrop, The Nifty 50 rose 0.42% to close at 24,973, while the S&P BSE Sensex advanced 323 points, or 0.40%, to 81,101. Broader markets also ended higher, with the Nifty Midcap 100 and Nifty Smallcap 100 gaining 0.93% and 0.73%, respectively.
Sector-wise, Nifty IT emerged as the top gainer, rising 2.63%, followed by Nifty PSU Bank and Nifty Realty, which added 2.09% and 1.13%, respectively. On the losing side, Nifty Auto was the top laggard, slipping 1.28%, followed by Nifty Media and Nifty Consumer Durables, which declined 0.64% and 0.30%, respectively.
Tech and textiles emerge as top gainers
Overall, 50 constituents of the Nifty 500 closed the session with gains of over 3%, led by tech and textile stocks. Among the top performers, Oracle Financial Services occupied the top spot as its shares gained 10.5% to ₹9,300.
The rally came after the company’s parent, Oracle Corporation, reported a sharp rise in bookings and issued a strong growth outlook for its cloud infrastructure business, sending its shares soaring by 27%.
Meanwhile, Welspun Living and Vardhman Textiles advanced 8.4% and 7.5%, respectively, on hopes of a resumption of trade talks between India and the US. These hopes surfaced after US President Donald Trump wrote on Truth Social earlier this morning that both countries are continuing their trade discussions and that he looks forward to speaking with his “good friend,” Prime Minister Narendra Modi.
Prime Minister Modi responded to Trump’s post by writing on “X” that India and the US are close and natural friends, and that he too looks forward to speaking with the US President.
Elecon Engineering shares also gained 7% to ₹599.3. Other stocks such as Apar Industries, Waaree Energies, Intellect Design Arena, Zensar Technologies, Persistent Systems, Bharat Dynamics, Tata Elxsi, Concord Biotech, and SBI Cards and Payment Services gained between 5% and 7%.
JM Financial, FirstCry lead decline
On the losing side, JM Financial emerged as the top laggard, with the stock cracking 8% to ₹176.20 apiece, followed by BrainBees Solutions (FirstCry), BSE, and Vijaya Diagnostic Center, which fell 4.51%, 3.71%, and 3.1%, respectively.
Extending its decline for the second consecutive day, Swiggy shares also dropped 3% to ₹423, while Poly Medicure and MRF continued their losing streak, each slipping 2.9% and 2.7%, respectively.
Likewise, RattanIndia Enterprises logged another day of losses, falling 2.7% to ₹58.48 per share. Meanwhile, DMart shares skidded 2.7% to ₹4,631, continuing their downtrend after reaching an all-time high of ₹4,949 on September 4.
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