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The BSE Sensex rebounded by 258 points and the NSE Nifty went past the 9,800-mark tracking upbeat global cues on easing geopolitical tensions.
The 30-share BSE index Sensex ended higher by 258.07 points or 0.82 per cent at 31,646.46 and the 50-share NSE index Nifty closed up by 88.35 points or 0.9 per cent at 9,884.40.
Among BSE sectoral indices, metal index was the star-performer and was up 2.64 per cent, followed by oil & gas 2.32 per cent, realty 1.66 per cent and PSU 1.39 per cent.
Metal and financial stocks led the Sensex gains. Top five Sensex gainers were Reliance (+2.12%), Adani Ports (+1.94%), HDFC (+1.83%), Coal India (+1.39%) and Tata Steel (+1.35%), while the major losers were M&M (-1.28%), Power Grid (-0.35%), NTPC (-0.3%), Cipla (-0.19%) and Dr Reddy's (-0.16%).
Easing geopolitical tensions
The rally in domestic equities was largely in line with the upmove seen in global stocks on signs of easing geopolitical tensions after US President Donald Trump’s measured response to North Korea missile launches.
Covering up of short positions by speculators ahead of the August derivatives contract expiry tomorrow added to the gains.
The domestic sentiment was also buoyed after the GST revenue got off to a bumper start. Finance Minister Arun Jaitley had yesterday said that taxes worth Rs 92,283 crore were collected in July from just 64.42 per cent of the total taxpayer base.
Tax collections are likely to go up further when all the tax payers would file returns.
“What we are seeing is a bounce-back from Tuesday's fall," said Sacchidanand Uttekar, equity technical analyst at Motilal Oswal Securities.
As per provisional data, foreign portfolio investors (FPIs) sold shares worth Rs 1,459.64 crore on a net basis yesterday. Domestic institutional investors (DIIs) bought shares worth Rs 1,391.33 crore.
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