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The benchmark indices were trading higher during the afternoon on Wednesday, led by metals, IT and PSU bank stocks.
The market rebounded sharply during the morning trade on Wednesday, thanks to gains in heavyweights such as Reliance Industries.
At 1 pm, the BSE Sensex was at 52,819.96, up 270.3 points or 0.51 per cent. It hit an intra-day high of 52,875.92 and a low of 52,630.91. The Nifty 50 was ruling near the day’s high of 15,839.10 at 15,826.00, up 77.55 points or 0.49 per cent. It hit an intra-day low of 15,774.25.
Gainers and laggards
Coal India, Infosys, Divi’s Lab, Kotak Bank and Reliance were the top gainers on the Nifty 50 while Shree Cements, PowerGrid, Hindustan Unilever, ICICI Bank and Britannia were the top laggards.
Positive open seen for markets
Reliance Industries shares gained after the company signed a strategic partnership with ADNOC for world-scale chemical projects at Ta’ziz in Ruwais, Abu Dhabi.
RIL was trading 1.33 per cent higher on the NSE.
According to Gaurav Garg, Head of Research, CapitalVia Global Research Ltd, market sentiments turned positive as Finance Minister Nirmala Sitharaman urged ministries to go above and beyond their capital expenditure (capex) commitments for this fiscal. The FM emphasised that increased spending will be important in reviving the economy following the pandemic.
Asian stocks fall for second day after new Wall Street record
“On Tuesday, global stocks fell as new coronavirus outbreaks in Asia competed with strong consumer confidence in the US and Europe, and investors worried about whether the Federal Reserve might speed up its plan to end loose monetary policy. Asian markets were trading mostly in the green despite the slip in the Wall Street indices,” said Garg.
FMCG, Realty under pressure
On the sectoral front, FMCG and Realty stocks faced pressure even as metals, IT and PSU Bank stocks gained.
Nifty Metal was up 0.76 per cent while Nifty IT was up 0.92 per cent. Nifty PSU Bank was up 0.92 per cent.
Meanwhile, Nifty FMCG was down 0.17 per cent while Nifty Realty was down 0.38 per cent.
Broader indices recover
Broader indices also recovered to trade in the green.
Nifty Midcap 50 was up 0.45 per cent while Nifty Smallcap 50 was up 0.63 per cent.
The S&P BSE Midcap was up 0.30 per cent while the S&P BSE Smallcap was up 0.74 per cent.
The volatility index fell below 13, down by 2.28 per cent to 12.71.
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