Sensex jumps over 250 points, Nifty crosses 25,300; IT and media shares spearhead rally

Indian benchmark indices Sensex and Nifty started Wednesday on a positive note, lifted by gains in financials and automakers, after the government termed its ongoing trade discussions with the US as “constructive” and “progressive.” Investor mood improved further amid optimism that the US Federal Reserve may announce an interest rate cut later in the day. Sectoral Performance On the sectoral front, technology, energy, auto, and media counters outperformed, showcasing robust buying appetite in growth-oriented segments. Both private and public banks traded firm, providing market resilience. However, healthcare, FMCG, consumer durables, and metal stocks edged lower, hinting at mild profit booking. Pharma shares remained mostly unchanged, reflecting subdued participation. IPO Listing Urban Company makes market debut with strong buzz; hefty demand and grey market premium hint at upbeat listing. Urban Company delivered a blockbuster debut, listing at a 58% premium over its IPO price, after witnessing massive investor interest. The issue was oversubscribed more than 103 times in total. Global Market Highlights S&P 500 futures held steady as of 12:29 p.m. Tokyo time Japan’s Topix slipped 0.4% Australia’s S&P/ASX 200 declined 0.7% Hong Kong’s Hang Seng gained 1.4% Shanghai Composite advanced 0.4% Euro Stoxx 50 futures rose 0.3%