Markets soared on the sharp rise in metal stocks; The Nifty 50 settles above 15,850

Domestic markets were flexible and cut off weak global references as a continued drag on funds gave support to markets. Most of the key sector indices traded in green are significant in today’s trade.

The S&P BSE Sensex rose 193.5 points, or 0.37%, to a new close of 53,055 points, while the Nifty 50 rose 61 points, or 0.39%, to 15,880. Midcap and smallcap stocks again saw strong interest and outperformed broader indices.

On the industry front, the metal index today saw a sharp recovery in a strong demand environment, and expectations of continued revenue recovery attracted investors. JSW Steel, Jindal Steel and Power (JSPL), Tata Steel Long Products, Tata Steel PSL, and Jindal Stainless (Hisar) were in the 2-4% range.

In the 50-share Nifty, Tata Steel is up 4.4%. JSW Steel, Bajaj Pinserv, Hindalco, and UPL.

On the flip side, Titan, ONGC, Maruti, SBI Life, and Sri Cement are among the top favorites in the Nifty.

On the international front, European stocks traded higher on Wednesday, just minutes before the Federal Reserve released its latest meeting.

Meanwhile, amid uncertainty over the OPEC + supply policy, oil rose to $ 75 a barrel after a sharp fall from a multi-year high in the previous session. Brent crude was up 86 cents, or 1.2%, at $ 75.39 a barrel. The U.S. The West Texas Intermediate rose 58 cents, or 0.8%, to $ 73.95.

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