Stock market rallied for the third consecutive session on Wednesday with Nifty closing above 22,900 amid buying in most sectors barring IT and FMCG.

At close, Sensex was up 147.79 points or 0.20% at 75,449.05, and the Nifty was up 73.30 points or 0.32% at 22,907.60.

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During the trading session, the Nifty reached a peak of 22,940.7 and a low of 22,807.95 while, the Sensex fluctuated between 75,568.38 and 75,201.48.

The mid- and small-cap segments vaulted as BSE Midcap index jumped 2.28%, and the Smallcap index rose 2.17%.

Overall market capitalisation of BSE-listed firms jumped to nearly ₹405 lakh crore from nearly ₹400 lakh crore in the previous session.

Among the major sectors, Nifty Realty emerged as the top sectoral gainer, soaring 2.80%, followed by Nifty PSU Bank, Nifty Consumer Durables, Nifty Metal, Nifty Media, and Nifty Oil & Gas, all closing with gains between 1% and 2%.

Nifty IT was the top sectoral laggard, dropping 1% and ending its two-day winning streak after global brokerage firm Citi retained a cautious view on domestic technology companies amid concerns over the U.S. economy.

Nifty Realty (2.80%), PSU Bank (1.98%), Metal (1.27%) and Media (1.08%) closed with healthy gains and the Nifty Bank settled 0.79% higher, while the Financial Services index rose 0.71%.

On Nifty, the top gainers were HDFC Life Insurance Company (3.75%), Apollo Hospitals Enterprise (2.89%), Tata Steel (2.55%), Power Grid Corporation of India (2.36%), and Ultratech Cement (2.20%).

On the losing side were Tech Mahindra (2.41%), Tata Consultancy Services (1.56%), ITC (1.48%), Infosys (1.42%), and Britannia Industries (1.28%).

Shares of Indusind Bank rose 2.83% to an intraday high of Rs 700.8 per share on the NSE after Ashok P Hinduja, Chairman of IIHL (IndusInd International Holdings Ltd) said that it is an opportune time to increase the stake in the IndusInd Bank.

Further, the Vodafone Idea Ltd shares surged nearly 5% in early trade after the telecom operator announced the rollout of its 5G services in Mumbai.

NBCC share price surged 5% after the state-owned firm sold 1,046 residential units in Noida for Rs 2,353 crore.

Notably, the US Federal Reserve’s policy decision and Fed Chair Jerome Powell’s projections on growth and inflation would be major triggers for the market.