Benchmark indices continued the winning streak for the fourth consecutive session, closing higher with Sensex regaining the 61,000 mark on Wednesday.
The market opened on a positive note, tracking positive global following positive, less hawkish than expected comments from US Fed chief Jerome Powel and extended gains through the day. Indices closed higher, witnessing buying momentum across multiple counters.
The BSE Sensex closed at 61,150.04, up 533.15 points or 0.88 per cent. It recorded an intraday high of 61,218.19 and a low of 60,850.93. The Nifty 50 closed at 18,212.35, up 156.60 points or 0.87 per cent, near the day’s high of 18,227.95. It recorded an intraday low of 18,128.80.
Breadth remains positive
The market breadth remained positive, with 1,839 stocks advancing on the BSE as against 1,611 that declined while 80 remained unchanged. Furthermore, 533 stocks hit the upper circuit compared to the 362 stocks locked in the lower circuit. Besides, 611 stocks touched a 52-week high level and 11 touched a 52-week low.
Auto, realty, telecom, financials and metals gained focus. Investors are now awaiting the third quarter results of top technology firms Wipro, Infosys and Tata Consultancy Services, to be announced later in the day.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd said, Markets mirrored the gains seen in other global indices as investors lapped up shares of metals, telecom, auto and realty companies.”
“Also, falling omicron cases also provided some support to the markets, which is gearing up for corporate earnings show. The Nifty has maintained a breakout continuation formation but profit booking at higher levels is not ruled out due to the extended rally in recent sessions,” added Chouhan.
Vinod Nair, Head of Research at Geojit Financial Services said, “Globally, sentiments were positive ahead of the release of US inflation data as the Fed Chair’s testimony eased inflationary worries. Realty stocks continued its upward rally on healthy business updates resulting in improved outlook. The initial result updates of major IT firms will determine the momentum of the week ahead.”
M&M, Bharti Airtel, IndusInd Bank, Reliance and Hindalco were the top gainers on the Nifty 50 while Titan, TCS, Shree Cement, Britannia and Cipla were the top losers.
Pharma under pressure
On the sectoral front, while metals, auto, financials, realty and oil & gas stocks record gains, pharma and consumer durables faced pressure.
Nifty Metal was up 1.33 per cent at closing, while Nifty Auto was up 1.45 percent. Nifty Realty and Nifty Oil & Gas were up 1.91 per cent and 1.45 per cent, respectively.
Nifty Bank, Nifty Private Bank and Nifty PSU Bank closed 0.74 per cent, 1 per cent and 0.61 per cent higher, respectively. Nifty Financial Services was up 0.79 per cent.
Meanwhile, Nifty Pharma and Nifty Healthcare Index were down 0.15 per cent and 0.17 per cent, respectively. Nifty Consumer Durables closed flat, down 0.02 per cent.
Broader indices also closed in the green.
Nifty Midcap 50 was up 1.20 per cent, while Nifty Smallcap 50 was up 0.65 per cent. The S&P BSE Midcap was up 1.08 per cent, while the S&P BSE Smallcap was up 0.70 per cent.
The volatility index softened 3.23 per cent to 17.18.
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