The benchmark equity indices on the BSE and National Stock Exchange (NSE) settled over 1 per cent higher on Wednesday aided by gains in banking and financial stocks.
The S&P BSE Sensex surged 498.65 points (1.43 per cent) to end at 35,414.45, while the broader Nifty 50 settled at 10,430.05, up 127.95 points (1.24 per cent). Both the indices had opened marginally higher earlier in the day and progressed higher during the session.
Axis Bank, Bajaj Finserv, Housing Development Finance Corporation (HDFC), Bajaj Finance, ITC and IndusInd Bank were the biggest gainer of the day, while NTPC, Nestle India, Mahindra & Mahindra (M&M), Larsen & Toubro (L&T), Oil and Natural Gas Corporation (ONGC) and Sun Pharmaceutical Industries were the top losers on Wednesday. (see heatmap below)
Among the sectoral indices on NSE, the Nifty Bank index rose 2.84 per cent aided by gains in the shares of Axis Bank, Bank of Baroda and Punjab National Bank. The Nifty Financial Services index too climbed 2.66 per cent led by Bajaj Finserv, HDFC, Bajaj Finance and Cholamandalam Investment and Finance Company.
Here’s how the sectoral indices performed:
In the broader market, the S&P BSE MidCap ended at 13,078.46, up 23.18 points (0.18 per cent), while the S&P BSE SmallCap settled at 12,428.65, up 47.90 points (0.39 per cent).
“A revival in GST collections during June and a smart comeback by the banking sector buoyed sentiments as the market rose over in trade today. The broader market too exhibited strength as savvy investors were seen lapping up select counters who seem to be less impacted from the pandemic,” S Ranganathan, Head of Research at LKP Securities said in a statement after the markets ended.
The rupee on Wednesday settled 9 paise lower at 75.60 (provisional) against the US dollar as concerns over rising COVID-19 cases weighed on investor sentiment even as the domestic equity market was trading in the positive territory.
At the interbank forex market, the rupee opened at 75.49 against the US dollar, but lost ground and ended the day at 75.60 against the US dollar, down 9 paise over its last close.
It had settled at 75.51 against the US dollar on Tuesday.
During the four-hour trading session, the rupee witnessed an intra-day high of 75.48 and a low of 75.60 against the US dollar.
Global stocks struggled for momentum on Wednesday as improving economic data was offset by concern that surging coronavirus cases in the United States could derail the world’s recovery before it properly begins.
MSCI’s world shares index was 0.1 per cent higher after rising 18 per cent for its biggest three-month gain since 2009 in the second quarter, but it still closed the first half around 8 per cent lower from where it started the year.
After their best quarter since March 2015, European stocks opened firmer, with the broader Euro STOXX 600 gaining 0.3 per cent.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, led by gains in China. E-Mini futures for the S&P 500 were down 0.2 per cent.
– rupee input from PTI, global market input from Reuters
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