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The benchmark BSE Sensex ended higher by over 80 points led by infrastructure, auto and PSU stocks amid positive global cues. However, metal, healthcare and consumer durables stocks succumbed to selling pressure.
Sustained institutional buying, strengthening of rupee and positive global cues supported the domestic sentiment.
However, traders remained wary ahead of release of the minutes of US Federal Reserve policy meeting later today.
The 30-share BSE index Sensex closed up 83.2 points or 0.25 per cent at 33,561.55 and the 50-share NSE index Nifty ended higher 15.4 points or 0.15 per cent at 10,342.30.
Among BSE sectoral indices, infrastructure index gained the most by 0.69 per cent, followed by auto 0.3 per cent, PSU 0.29 per cent and capital goods 0.1 per cent. On the other hand, metal index fell 0.66 per cent, healthcare 0.52 per cent, consumer durables 0.26 per cent and banking 0.06 per cent.
Top five Sensex gainers were Adani Ports (+3.27%), HDFC (+1.53%), State Bank of India (+1.35%), Asian Paints (+1.27%) and Maruti (+1.08%), while the major losers were Axis Bank (-1.23%), Dr Reddy's (-1.23%), Lupin (-1.15%), Bharti Airtel (-0.88%) and NTPC (-0.74%).
“Investors are cautious at this moment and hence the markets remain range-bound and we see profit-booking after a couple of session of gains,” said Neeraj Dewan, director, Quantum Securities.
“It's more stock-specific now rather than the indexes on the whole as there is a lack of clear fundamentals, but the outcome of the Gujarat elections will have a significant say.”
Asian shares scaled a fresh decade peak on Wednesday thanks to surging markets in Europe and America, as strong global growth and rising corporate profits lured hordes of investors into equities.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 per cent to Wednesday's 1.3 per cent rise - the biggest gain in eight months.
US stocks jumped on Tuesday, pushing all three major indexes to record closing highs, led by gains in this year's top-performing technology sector.
The Dow Jones Industrial Average rose 160.5 points or 0.69 per cent to 23,590.83, the S&P 500 gained 16.89 points or 0.65 per cent to 2,599.03 and the Nasdaq Composite added 71.76 points or 1.06 per cent to 6,862.48.
Oil prices climbed on Wednesday after a reported fall in US crude inventories and on expectations that an OPEC-led production cut aimed at tightening the market will be extended beyond next March.
Brent crude futures were at $63.07 per barrel at 0257 GMT, up 50 cents, or 0.8 percent, from their last close. WTI crude futures were at $57.74 a barrel, up 92 cents, or 1.6 per cent.
Spot gold was up 0.1 per cent at $1,281.40 per ounce. US gold futures for December delivery were steady at $1,281.30.
The dollar treaded water against its peers on Wednesday, capped as US Treasury yields failed to rise despite increasing investor risk appetite in broader financial markets.
The dollar index against a basket of six major currencies was little changed at 93.941.
(With inputs from Reuters)
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