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The market rebounded sharply on Wednesday with benchmark indices trading marginally higher during the afternoon, led by power and PSU stocks.
After opening on a positive note, the market remained firm, led by heavyweights such as SBI and HDFC.
Market to remain in narrow range on lack of triggers
At 1 pm, the BSE Sensex was at 52,364.85, up 89.28 points or 0.17 per cent. It hit an intraday high of 52,446.92 and a low of 52,204.99.
Nifty 50, which breached the 15,800 level with a fresh all-time high of 15,800.45, was ruling at 15,778.15, up 38.05 points or 0.24 per cent. It hit an intra-day low of 15,723.10.
Gainers and laggards
Powergrid, NTPC, SBI Life, Coal India and HCL Tech were the top gainers on the Nifty 50 while Shree Cements, Maruti, Ultratech Cements, Bajaj Auto and L&T were the top laggards.
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Likhita Chepa, Senior Research Analyst, CapitalVia Global Research Limited, said, “Indian equity benchmark managed to stay positive in the first half. Sentiments remain upbeat as The Trade Promotion Council of India (TPCI) stated that the planned free trade deal between India and the European Union would assist domestic exporters because the EU is one of the country’s most important traditional customers.”
Gains are constrained, however, as India Ratings and Research warned that the burden of taxation on households, particularly indirect taxes, has risen recently, limiting them from spending more on consumption. US markets closed with uncertainty in the market and no clear momentum as investors are taking a cautious move. Asian markets were generally in the red, following the mixed cues from Wall Street,” added Chepa.
Auto stocks under pressure
On the sectoral front, all indices except Nifty Auto were in the green. Nifty Auto was down 0.26 per cent.
Meanwhile, Nifty PSU Bank recorded the highest gains and was up 0.96 per cent. IT and Realty stocks also gained with Nifty IT up 0.58 per cent and Nifty Realty up 0.77 per cent.
Broader indices
Broader indices continue to outperform the benchmarks. Nifty Midcap 50 was up 0.99 per cent while Nifty Smallcap 50 was up 0.53 per cent. The S&P BSE Midcap index was up 0.77 per cent while the S&P BSE Smallcap was up 0.91 per cent.
Notably, the volatility index slipped 1.67 per cent to fall below 15 at 14.97 as bulls returned.
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