Sharp rally in banks & FMCG pushes Sensex up 321 pts, Nifty just below 9900
The Indian market has experienced a strong trading session on Wednesday as benchmark indices closed with strong gains, boosted by a rebound of banks and stocks of consumer goods. In the wider market, midcaps also had a field day and NIFTY outperformed the first line.
The gains followed a strong market move for the second consecutive session, after seeing a correction over the past week.
ITC, HDFC and HDFC Bank that contributed the most to the index gains. Only 13 stocks of Nifty were closed to red, where Infosys and Reliance were the main losers. Between sectors, except energy, all indices are closed in the green.
The Sensex finished 321.86 points 31,770.89, while the Nifty finished above 103.15 to 9,897.30 points. The breadth of the market was positive, but slightly narrower than the 1628 stocks advanced against a decline of 946 shares, while 118 stocks remained unchanged.
Cipla, Tata Motors and Mahindra Tech won the majority in both indices, while NTPC, Asian Paints and Power Grid detailed the top losers.
Leverage companies ended up good gains after the stock market regulator and the Indian Securities Board (SEBI) has filed a notice that no open offer would be required of the providers.
“Since the beginning of this week, investors in India have raised recent concerns in favor of buying value. Landmarks in India have opened the day with a flat note, but then escaped weak strength and exchanged with Robust earnings.
The Sensex and Nifty benchmark finally closed the day with 1% profit, “Lakshmanan Karthikraj, Tercera Fund Manager – Equities, mutual fund BNP Paribas said in a statement.
Among global markets, European stocks were higher Wednesday morning, while geopolitical tensions on the Korean peninsula are slowing and investors followed a quiet night performance on Wall Street.
The Stoxx 600 across Europe increased 0.53% shortly after the market opened with almost all sectors and major exchanges in positive territory.
Most stock markets in Asia closed higher on Wednesday as investors digest the release of regional bidders and the resurgence of the dollar.
The Nikkei 225 in Japan fell 0.12% or 24.03 points to close at 19,729.28. The gains in most technology stocks compensate for losses in mobile homes, commercial houses and trade names. South Korea’s Kospi rose 0.60%, or 14.04 points to stand at 2 348.26, while markets returned from a holiday.
The S & P / ASX 200 in Australia rose 0.48%, or 27,617 points to close at 5 785,100, which has previous crossover below the flat line. The broader index was generated by gains in the energy subindex, which rose 2.68 percent, while the financial subindex rose by a large weighted 0.46 percent.
Hong Kong’s Hang Seng index rose 0.72% to 15:10 HK / SIN, but the continental markets were mixed. Shanghai compound reached 0.14% or 4.6372 points to close at 3246 6624, while Shenzhen Composite increased by 0.588% or 11,1032 points to finish at 1,898.3865 ….