Sensex jumps 500 points, Nifty below 23,700; SMIDs shine; Nifty IT jumps over 3%

The Nifty50 and the Sensex extended gains at open as IT stocks supported.

As of 9:17 AM, the Nifty50 was trading 0.54 per cent or 129.85 points higher at 23,714.05, and the Sensex was trading 0.61 per cent or 463.82 points higher at 76,534.66.

InterGlobe Aviation, Tata Consultancy Services, Wipro India, and Shriram Finance shares were the top gainers in the Nifty50 index.

Broader markets outperformed benchmark indices. The Nifty MidCap and the Nifty SmallCap indices were trading 1.36 per cent and 1.56 per cent higher, respectively.

Sector-wise, the Nifty IT and the Nifty Auto were outperforming peers. The Nifty Metal dropped 0.83 per cent to become the top loser sectoral index.

Market participants await the outcome of the US Federal Reserve’s policy meeting, scheduled to be released later on Wednesday. The US central bank is expected to keep rates steady. Policymakers’ commentary will be pivotal for investors as it’ll offer glimpse how the US-Iran may impact the future rate trajectory.

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