In Mumbai, the Indian stock market began the day with optimism, driven by widespread purchasing activities. As of 9:40 am, the Sensex stood at 76,806, marking a gain of 349 points or 0.46 percent, while the Nifty witnessed an increase of 109 points or 0.47 percent, reaching 23,374.

A favorable momentum is noticeable across the market. The Nifty Midcap 100 index demonstrates an upward movement of 307 points or 0.57 percent, tallying 53,974 points, whereas the Nifty Smallcap 100 index reflects a rise of 118 points or 0.68 percent, standing at 17,690 points. Among the 30 stocks listed on the Sensex, 23 are currently trading in positive territory.

Leading the gains are entities such as HCL Tech, Tata Motors, Tech Mahindra, Wipro, Power Grid, Tata Steel, and TCS. Conversely, Asian Paints, HUL, Titan, L&T, IndusInd Bank, and Nestle India find themselves among the top decliners. The India volatility index (India VIX) registers a decrease of more than 2 percent, settling at 14.45 points.

Market analysts observe, “The recent 32 percent decline in India VIX over the past five days indicates a subsiding of heightened market volatility, transitioning into a phase of consolidation. Going forward, emphasis will shift towards fundamental indicators and incoming news developments.”

They further note, “The forthcoming US inflation data and the Federal Reserve’s policy decision tonight will exert significant influence on the trajectory of global equity markets.” Notably, most Asian markets are experiencing downturns, with Tokyo, Hong Kong, Shanghai, Jakarta, and Bangkok witnessing declines. However, the market in Seoul bucks this trend, displaying gains. In the United States, Tuesday’s market closure saw a mixed outcome. Crude oil benchmarks depict Brent crude at $82 per barrel and WTI crude at $78 per barrel.