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The domestic market maintained its positive momentum for the second consecutive session with benchmark indices closing over 1 per cent higher on Wednesday.
Market opened on a positive note, tracking positive global cues. Indices extended gains through the day, witnessing across the board buying.
The BSE Sensex closed at 56,930.56, up 611.55 points or 1.09 per cent, near the day’s high of 56,989.01. It recorded an intraday low of 56,471.03. The Nifty 50 closed at 16,955.45, up 184.60 points or 1.1 per cent. It recorded an intraday high of 16,971.00 and a low of 16,819.50.
Breadth remains positive
The market breadth remained positive with 2,434 stocks advancing on the BSE as against 908 that declined while 104 remained unchanged. Furthermore, 539 stocks hit the upper circuit as compared to the 170 stocks that were locked in the lower circuit. Besides, 236 stocks touched a 52-week high level and 19 touched a 52-week low
Vinod Nair, Head of Research at Geojit Financial Services said, "Domestic market is gaining ground amid a positive rebound in the global market.”
“The rebound was broad-based while mid & small caps outperformed as the bargain opportunity led investors to accumulate the beaten-down stocks. The Omicron concerns and FIIs’ selling may keep investors in a cautious mode, it is a time for selective stock picking with a focus on defensive and growth-oriented sectors rather than rushing to the market,” added Nair.
Hindalco, Tata Motors , Divi’s Lab, Eicher Motor and Bajaj Finance were the top gainers on the Nifty 50 while SBI Life, Wipro, Grasim, Adani Ports and Nestle India were the top laggards.
Mitul Shah, Head Of Research at Reliance Securities said, “The momentum is back in the Indian market, which is supported by strong gains in Asian peers. US equities finished sharply higher ending a selloff in the past three sessions, as the Biden administration promised to avoid March 2020-style lockdowns and outlined plans to fight rising COVID-19 cases driven by the omicron variant. The markets also were encouraged by news that the Senate will vote on President Biden’s Build Back Better economic plan in January”
All in green
On the sectoral front, all indices closed in the green with realty, auto, metal, pharma and PSU Bank stocks recording higher gains.
Nifty Realty was up nearly 3 per cent at closing while Nifty Pharma, Nifty Auto, Nifty Metal and NIfty PSU Bank were up nearly 2 per cent. Nifty Healthcare Index was up 1.57 per cent while Nifty Oil & Gas closed nearly 1.5 per cent higher. Nifty Bank and Nifty Private Bank were up over 1 per cent each at closing.
Broader indices outperform
Broader market also retained gains with broader indices outperforming the benchmarks.
The Nifty Midcap 50 was up 1.70 per cent at closing while the Nifty Smallcap 50 was up 2.23 per cent. The S&P BSE Midcap closed 1.47 per cent higher while the S&P BSE Smallcap was up 1.66 per cent.
The volatility Index softened 5.45 per cent to 16.58.
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