Stock market today: Nifty 50, Sensex rally for 2nd day, gain nearly 1% each; smallcaps rebound sharply | Stock Market News

Stock Market Today: Indian markets closed higher for the second consecutive trading session on Wednesday, January 29, driven by strong buying in IT and banking stocks. Additionally, value buying in the broader market contributed to the positive momentum. 

The Nifty 50 ended 213.50points higher, or with a 0.93% gain, at 23,170, while the BSE Sensex finished the session at 76,583, up 0.90% (or 682 points) from Tuesday’s close. The broader market rebounded sharply, with the Nifty Midcap 100 index gaining 2.32% to 52,724, and the Nifty Smallcap 100 index ending the session even higher, with a gain of 3.32% at the 16,540 level.

Indian IT stocks bounced back strongly in today’s session following Wall Street’s tech-led rebound on Tuesday from a sell-off, which was sparked by concerns over a cheap artificial intelligence model from Chinese startup DeepSeek.

The Nifty IT index gained 2.61%, reaching 42,913 points. Today’s rise also marked the biggest intraday jump since January 10.

Investors’ focus has now shifted towards the Federal Reserve’s rate decision, due later in the day. With the central bank expected to keep interest rates steady, attention will be on Fed Chair Jerome Powell’s speech and how the central bank will respond to President Donald Trump’s calls for interest rate reductions.

Notably, this is the first Fed meeting after Donald Trump took charge as U.S. President for his second term.