Equity benchmark indices closed higher on Wednesday, supported by late-day buying in major index companies like Reliance Industries, ITC, and M&M, in addition to a positive start in European markets. Throughout most of the day, cautious trading dominated the market due to two upcoming events: the RBI’s monetary policy announcement and the release of US inflation data, both scheduled for Thursday.
The 30-share BSE Sensex rose by 149.31 points or 0.23%, settling at 65,995.81. It experienced a decline of 402.12 points or 0.61% to 65,444.38 during the day but also reached a high of 66,066.01. The NSE Nifty gained 61.70 points or 0.32%, ending at 19,632.55.
“After two days of weakness, the market staged a smart recovery in the late trading session. The strength in European indices and significant gains in metals, oil & gas, and auto stocks boosted market sentiment. Moody’s warning of potential downgrades for six major US banks and weak Chinese exports data dampened investor confidence, resulting in high volatility,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Top gainers of the day
JSW Steel was the top gainer on the Sensex chart, rising by 2.68%, followed by Tata Motors, Mahindra & Mahindra, Tata Steel, Titan, ITC, Tech Mahindra, NTPC, Reliance Industries, and Larsen & Toubro. On the other hand, Bajaj Finance, Maruti, ICICI Bank, Power Grid, Asian Paints, and Axis Bank experienced major losses. In the broader market, the BSE small-cap gauge rose by 0.57%, and the midcap index advanced by 0.39%.
Among the indices, the metal sector saw the highest growth, rising by 2.32%. The consumer durables sector climbed by 1.21%, followed by oil & gas (1.16%), energy (1.11%), commodities (0.82%), industrials (0.76%), auto (0.74%), and FMCG (0.61%). However, Financial Services, bankex, and realty fared poorly.
Performance of Asian and European markets
In Asian markets, Tokyo and Shanghai closed lower, while Seoul and Hong Kong ended in the green. European markets showed positive performance. In overnight trade on Tuesday, US markets closed in negative territory. According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 711.34 crore on Tuesday. The global oil benchmark Brent crude rose by 0.79% to USD 86.85 a barrel.
(With PTI inputs)
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
