In the afternoon session, Indian stock markets remained robust due to purchasing in front-line equities as investors took cues from a rebound in global markets after the Federal Reserve’s rise in interest rates in the United States. The Federal Reserve of the United States hiked interest rates for the first time since 2018. The Fed also stated that more rate rises would be required to combat inflation. FPIs becoming buyers after a protracted period of decline, as well as crude price weakness, aided the markets. According to market statistics, foreign institutional investors were net purchasers on Wednesday, buying shares worth Rs 311.99 crore.

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On the global front, Asian markets were trading mostly higher with Taiwan Weighted strengthened 507.39 points or 3% to 17,448.22, Shanghai Composite gained 54.66 points or 1.72% to 3,225.37, KOSPI rose 41.28 points or 1.55% to 2,700.51, Hang Seng increased 1114.27 points or 5.55% to 21,201.77, Straits Times advanced 15.26 points or 0.46% to 3,306.16 and Nikkei 225 was up by 890.88 points or 3.46% to 26,652.89. On the other hand, Jakarta Composite was down by 6.59 points or 0.09% to 6,985.81.

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The Sensex is presently trading at 57,883.36, up 1,066.71 points or 1.88% from a low of 57,518.06 and a high of 57,958.33. On the index, 28 equities advanced while only two declined.

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The broader indices were trading in green with the BSE Midcap index rising 1.26%, while the Small cap index was up by 1.19%. The top gaining sectoral indices on the BSE were Consumer Durables up by 3.10%, Metal up by 2.37%, Consumer Discretionary up by 2.23%, Bankex up by 2.14% and Basic Materials was up by 2.01%, while there were no losing sectoral indices on the BSE.

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The top gainers on the Sensex were HDFC up by 5.04%, Titan Co up by 4.49%, Asian Paints up by 3.60%, Kotak Mahindra Bank up by 3.40% and Tata Steel was up by 2.85%. On the flip side, HCL Tech was down by 0.60% and Power Grid was down by 0.10% were the only losers.

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The Nifty is presently trading at 17,287.65, up 312.30 points or 1.84% from a low of 17,175.75 and a high of 17,305.75. On the index, 44 equities advanced while only six declined.

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The top gainers on Nifty were JSW Steel up by 4.97%, HDFC up by 4.84%, Titan Co up by 4.51%, Eicher Motors up by 3.77% and Asian Paints was up by 3.58%. On the flip side, Indian Oil Corporation down by 1.11%, ONGC down by 0.75%, HCL Tech down by 0.60%, Cipla down by 0.09% and NTPC was down by 0.08% were the top losers.