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Mumbai: Indian stock markets extended their gains for the second straight day on Wednesday, supported by strong buying in media and technology shares. Investors were relieved after crude oil prices dropped and tensions between Iran and Israel eased following a ceasefire. The Sensex closed 700.4 points higher at 82,755.51, gaining 0.85 per cent. The Nifty also rose by 200.40 points to settle at 25,244.75, up 0.8 per cent. Titan Company, M&M, Infosys, Power Grid, TCS and Bharti Airtel emerged as the top gainers on the Sensex, with gains of up to 3.6 per cent. On the other hand, BEL, Kotak Mahindra Bank and Axis Bank were the major laggards, falling as much as 3 per cent. The broader markets saw a positive trend as well. The Nifty MidCap index gained 0.44 per cent, while the Nifty SmallCap index jumped 1.5 per cent. Among sectoral indices, Nifty Media was the top performer with a 1.99 per cent rise, followed by Nifty IT which went up 1.64 per cent, and Nifty Consumer Durables which gained 1.43 per cent. Market sentiment improved due to the drop in oil prices and reduced geopolitical risk, which helped boost risk appetite among investors. Analysts believe that these developments have brought temporary relief to the markets, despite continued selling by foreign investors. Vinod Nair of Geojit Financial Services, said that the easing of tensions in the Middle East and the softening of crude oil prices have played a key role in the market’s recovery. "Indian equity markets have staged a recovery, supported by easing geopolitical tensions in the Middle East and a moderation in crude oil prices,” Nair stated. He added that domestically, a favourable monsoon forecast, and moderating inflation are further underpinning the optimism. Meanwhile, the Indian Rupee traded flat near 86.10 after a sharp rally of over 0.75 seen in the previous session, taking a breather within a narrow range of 86.00-86.15. “Market participants are now eyeing upcoming triggers from the US, including the PCE Price Index and GDP data later this week. The Rupee is expected to trade in a range of 85.70 to 86.25," Jateen Trivedi of LKP Securities mentioned.
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