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Benchmark indices closed over 1 per cent higher on Wednesday.
Market opened on a positive note, tracking gains in the global markets after the recent sell-off. Benchmark indices closed higher, led by auto and metals.
The BSE Sensex closed at 58,465.97, up 657.39 points or 1.14 per cent. It recorded an intraday high of 58,507.61 and a low of 58,105.18. The Nifty 50 closed at 17,463.80, up 197.05 points or 1.14 per cent. It recorded an intraday high of 17,477.15 and a low of 17,339.00.
Breadth turns positive
The market breadth turned positive with 1,749 stocks advancing on the BSE as against 1,589 that declined while 107 remained unchanged. However, 324 stocks hit the lower circuit as compared to the 251 stocks that were locked in the upper circuit. Besides, 178 stocks touched a 52-week high level and 26 touched a 52-week low.
Vinod Nair, Head of Research at Geojit Financial Services said, ‘‘The domestic market joined the global rally with all major sectors barring PSU Banks trading with gains.”
“US stocks rallied yesterday shrugging off concerns over rising crude oil and rate hike worries ahead of the release of US inflation data. RBI’s policy announcement will be the key focus tomorrow as domestic inflation and policy tightening by global central banks would pressurize the central bank to adopt a similar stance,” added Nair.
Coal India, Maruti, IOC, Shree Cement and Hindalco were the top gainers on the Nifty 50 while ONGC, BPCL, ITC, SBI Life and Tata Steel were the top losers.
PSU Bank, Oil & Gas under pressure
On the sectoral front, all indices except Nifty PSU Bank and Nifty Oil & Gas closed in the green.
Auto, metal, financials, barring PSU Bank, IT, healthcare and consumer durables recorded higher gains.
Nifty PSU Bank was down 0.62 per cent at closing while Nifty Oil & Gas was down 0.24 per cent.
Meanwhile, Nifty Auto was up over 2 per cent. Nifty Metal was up 1.86 per cent. Nifty Private Bank and Nifty Consumer Durables, each closed 1.67 per cent higher. Nifty Bank and Nifty Financial Services were up 1.53 per cent and 1.29 per cent, respectively. Nifty IT was up 1.34 per cent while Nifty Healthcare Index was up 1.03 per cent .
Broader indices
The broader market rebounded from previous losses with broader indices closing in the green.
Nifty Midcap 50 was up 1.55 per cent while Nifty Sallcap 50 was up 0.69 per cent. The S&P BSE Midcap was up 1.23 per cent while the S&P BSE Smallcap was up 0.57 per cent.
The volatility index softened 5.74 per cent to 18.56.
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