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Frontline indices the Sensex and the Nifty 50 resumed their upward march on Wednesday, November 19, with gains led by select IT and banking heavyweights amid mixed global cues.

The Sensex closed at 85,186.47, rising 513 points, or 0.61%, while the Nifty 50 clocked a gain of 143 points, or 0.55%, to settle at 26,052.65. The mid and small-cap segments ended mixed; the BSE Midcap index rose 0.34%, while the Smallcap index fell 0.39%.

The overall market capitalisation of BSE-listed firms rose to ₹475.6 lakh crore from ₹474.6 lakh crore in the previous session, making investors richer by about ₹1 lakh crore in a single session.

Market benchmarks rose amid growing optimism over a potential India-US trade deal. Commerce and Industry Minister Piyush Goyal on Tuesday signalled that a deal between the two countries could be reached soon, stating that the India-US partnership remains strong and is expanding across various sectors.

Goyal stated that negotiations were progressing and that India would only sign an agreement that is fair, balanced, and protects national interests.

"National indices staged a strong rebound on renewed optimism over an India–US trade deal, following encouraging comments from the Union Commerce Minister. Large caps led the gains, outperforming the broader market," said Vinod Nair, Head of Research, Geojit Investments Limited.

The banking and IT majors led the gains. Infosys, ICICI Bank, HCL Tech, and TCS were the two contributors to the gains in the Sensex index.

"The IT sector rallied on revived hopes of a Fed rate cut, supported by soft US labour data and currency tailwinds, while PSU banks gained on merger-related news and improving fundamentals. Attention now turns to tomorrow’s FOMC minutes for further policy signals," Nair said.

Shares of Max Healthcare Institute (up 4.30 per cent), HCL Technologies (up 4.19 per cent), and Infosys (up 3.74 per cent) ended as the top gainers in the Nifty 50 index. As many as 31 stocks ended higher in the Nifty 50 index.

(This is a developing story. Please check back for fresh updates.)

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stories by Nishant Kumar

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.

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