The topline equity indices on the BSE and National Stock Exchange (NSE) ended over 0.5 per cent higher on Wednesday aided by gains in the banking and financial stocks.
The S&P BSE Sensex climbed 290.36 points (0.86 per cent) to end at 34,247.05, while the Nifty 50 settled at 10,116.15, up 69.50 points (0.69 per cent). Both the indices had opened over 0.3 per cent earlier in the day and climbed over 1 per cent during the intraday trade before losing some steam and ending with over 0.5 per cent gains.
IndusInd Bank, Kotak Mahindra Bank, Reliance Industries (RIL), Housing Development Finance Corporation (HDFC), Axis Bank and State Bank of India (SBI) were the biggest gainers of the day on the Sensex. On the other hand, Hero MotoCorp, Bajaj Auto, Tata Steel, Oil and Natural Gas Corporation (ONGC), Titan Company and Mahindra & Mahindra (M&M) were the top draggers. (see heatmap below)
Among the sectoral indices on NSE, the Nifty PSU Bank index surged 3.50 per cent led by Punjab National Bank, UCO Bank and Indian Bank. The Nifty Private Bank index too climbed 2.06 per cent led by RBL Bank, IndusInd Bank and Bandhan Bank.
Here’s how the sectoral indices performed:
In the broader market, the S&P BSE MidCap index settled at 12,659.34, up 101.84 points (0.81 per cent), while the S&P BSE SmallCap ended at 11,955.04, up 108.99 points (0.92 per cent).
“Bulls firmly in control today and heartening to see some of the stressed private sector banks, as well as public sector banks, rally ferociously which apparently means things are in fact not as bad as it is made out to be. Improved market breadth in itself presents several opportunities for savvy investors,” S Ranganathan, Head of Research at LKP Securities said in a statement post market hours.
World stock markets hovered below three-month highs on Wednesday, while the dollar stumbled ahead of a meeting of the US Federal Reserve.
After weeks of strong gains, propelled by hopes of a swift economic recovery as the coronavirus-induced lockdowns lift, equity markets appear to have run out of steam for now. Support for safe havens from gold to the yen, also pointed to caution.
European stock markets gained 0.8 per cent in early trade, but held below three-month highs. MSCI’s broadest index of Asia-Pacific shares outside Japan, which has galloped 9 per cent higher in June and is 35 per cent above March lows, rose 0.4 per cent. Japan’s Nikkei added 0.15 per cent.
– global market inputs from Reuters
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines