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Indian benchmark indices soared to all-time highs on Wednesday, driven by positive global cues and a strong rally in tech and metal stocks ahead of the weekly derivatives expiry. The BSE Sensex surged 1,439.55 points (1.77%) to close at a record high of 82,962.71, after reaching an intraday peak of 83,116.19. Similarly, the NSE Nifty 50 jumped 470.45 points (1.89%) to settle at 25,388.90, marking an all-time high of 25,400 during the session.

All 13 major sectoral indices closed in the green, led by Nifty Infra, Nifty Auto, and Nifty Energy, each gaining over 2%. IT stocks also advanced by over 1%, driven by their significant revenue exposure to the US market.

Bharti Airtel surged nearly 4% on both the NSE and BSE, hitting a 52-week high after expanding its home Wi-Fi services across all 22 districts of Jammu & Kashmir and Ladakh. Other notable gainers included Hindalco, NTPC, Shriram Finance, Hero MotoCorp, ONGC, Wipro, Adani Ports, M&M, JSW Steel, Grasim, Bajaj Auto, Tata Steel, and Apollo Hospitals, which gained between 2% and 3.7%.

The metal sector was particularly strong, with the Nifty Metal index rising 3% to 9,292. Hindalco led the charge, gaining 4.5%, followed by Nalco at 4%, NMDC and Vedanta at 3.8%, and Jindal Steel up 3.4%. SAIL, JSW Steel, Hindustan Zinc, Tata Steel, and Hindustan Copper also posted gains of up to 3%.

Analysts pointed to significant short covering in Nifty Calls around the 25,150-25,200 range ahead of the weekly F&O expiry. Options data revealed substantial open interest in the 24,500 Put (6.99 million contracts) and 25,000 Call (11.6 million contracts), reflecting a cautious market sentiment. Call sellers maintained strong positions at lower levels, suggesting resistance.

"Trading was concentrated around the 24,900-24,950 Calls and 24,700-24,800 Puts, with the Put-Call Ratio (PCR) dropping from 0.78 to 0.60, indicating a cautious outlook. The 25,000 mark remains a crucial level for any potential trend reversal," said Dhupesh Dhameja, a technical analyst at SAMCO, as quoted by Business Standard.

Globally, Japan's Nikkei rose 3.41% to close at 36,833.27, supported by a weaker yen, which pulled back from its 2024 high of 140.71 per dollar. Meanwhile, China's markets were subdued, while Hong Kong's Hang Seng gained 0.77% to close at 17,240.39.