Sensex Today | Nifty 50 | Stock Market Live Updates: Sensex gains over 250 pts, Nifty above 24,050; IT, consumer durables stocks rally

Indian benchmark indices opened higher on Wednesday, with the Sensex gaining over 250 points and the Nifty 50 crossing 24,050 after a 4% rally over the past three sessions. The rally followed speculation around an Iran-US deal framework and a sharp drop in oil prices below $80 per barrel. Sectoral gains were broad-based, with Nifty Consumer Durables leading at nearly 2% and IT and Media sectors also showing strength, while Metal, Realty, and PSU Bank stocks faced selling pressure. Global markets showed mixed performance, with S&P 500 futures rising 0.2% and Japan’s Topix gaining 0.8%, while Hong Kong’s Hang Seng fell 0.8%. Analysts noted that the Nifty’s bias remains positive, trading near the upper band of its two-month falling channel around 24,050–24,100. A breakout above 24,100 could push the index toward 24,600 in the coming weeks, though consolidation between 23,600–24,100 is possible if momentum stalls. General Insurance Corporation of India (GIC) shares dropped 4% to Rs 346 on the BSE after the government’s offer for sale (OFS) opened for retail investors at a floor price of Rs 352, a 2% discount to its previous close. The OFS aims to divest up to 5% of the state-run insurer’s stake. Reliance Jio Infocomm is reportedly days away from filing draft papers for its anticipated $4 billion IPO, potentially ahead of Reliance Industries Chairman Mukesh Ambani’s annual shareholder address on Friday. Meanwhile, India’s new rule allowing foreign individuals to invest directly in listed companies may gradually expand overseas investor participation, though initial inflows are expected to be modest due to operational and compliance challenges. Market strategists advised using short-term dips to accumulate quality stocks, citing immediate support at 23,800 and key short-term support near 23,500–23,600.