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Market rallied through the first half with benchmark indices trading over half a per cent higher on Wednesday afternoon, with IT stocks back in focus.
Market, after a positive opening, extended gains through the first half despite mixed global cues. A declining trend in Covid-19 cases has acted as a positive trigger for the market.
At 1 pm, the BSE Sensex was at 50,974.09, up 336.56 points or 0.66 per cent. It had breached the 51,000 mark in the early trade with a day’s high of 51,053.52. It hit a day’s low of 50,620.45. Nifty 50 was at 15,292.25, up 83.80 points or 0.55 per cent. It hit an intraday high of 15,313.50 and a low of 15,194.95.
Likhita Chepa, Senior Research Analyst, CapitalVia Global Research Ltd. said, “Indian benchmarks regained momentum and traded approximately half a per cent higher. Traders are taking a keen note on the fact that India is getting a steady flow of foreign direct investment (FDI) and is still believed as a preferred destination for investment and this has kept the sentiments positive in the market.”
“TheUS market closed slightly lower Asian markets were mostly trading in green after the US Fed confirmed a dovish stand on their monetary policy giving assurance to those concerned about the inflation,” added Chepa.
Bajaj Finserv, Grasim, UPL, Infosys and Bajaj Finance were the top gainers on the Nifty 50 while JSWSteel, Tata Steel, PowerGrid, Hindalco and Tata Consumer were the top laggards.
Sectoral and broader indices
On the sectoral front, all indices except Nifty Metal were in the green.
As IT and Realty stocks gained, metals remained under pressure.
Nifty IT was up 1.24 per cent. Nifty Realty was up 1.66 per cent.
Nifty Metal was down 1.83 per cent.
Market witnessed an across the board rally as broader indices remained in the green.
Nifty Midcap 50 was up 0.23 per cent while Nifty Smallcap 50 was up 0.37 per cent. The S&P BSE Midcap was up 0.12 per cent while the S&P BSE Smallcap was up 0.81 per cent.
Notable the volatility index was down 0.39 per cent to 18.77.
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