Bouncing back from a four-session losing streak, the benchmark equity market indices on the BSE and the National Stock Exchange (NSE) settled over 1 per cent higher on Wednesday aided by a rise in market heavyweights Reliance Industries (RIL) and HDFC twins comprising of Housing Development Finance Corporation (HDFC) and HDFC Bank.
The S&P BSE Sensex climbed 428.62 points or 1.05 per cent to settle at 41,323.00, while the broader Nifty 50 index ended at 12,125.90, up 133.40 points or 1.11 per cent. During the intraday trade, the Sensex had touched a high of 41,357.16, while the Nifty had risen to 12,134.70.
Gains in the 30-share BSE benchmark were led by Bajaj Finance, Hindustan Unilever (HUL), RIL, ONGC, HDFC, Nestle India and NTPC. As many as 21 out of 30 Sensex stocks ended in the green.
Among the sectoral indices, the Nifty Pharma was the biggest gainer of the day in percentage terms. The index climbed 2.32 per cent to end at 8,388.70 led by a nearly 21 per cent surge in Aurobindo Pharma. It was followed by Nifty Media index which rose 1.94 per cent led by Network18 Media & Investments and Sun TV Network.
In the broader markets, the S&P BSE MidCap index ended at 15,631.91, up 206.40 points or 1.34 per cent, while the S&P BSE SmallCap index settled at 14,671.58, up 204.15 points or 1.41 per cent.
This apart, Finance Minister Nirmala Sitharaman on Tuesday met representatives from various sectors, including pharmaceuticals, textiles, chemicals, electronics and IT hardware, solar, auto, surgical equipment and paints, to review the situation following the outbreak of the deadly virus in China. She said the government will soon announce measures to deal with the impact of the coronavirus outbreak on the domestic industry.
The Asian markets closed higher following reports that China saw fewer fresh coronavirus cases. China had 1,749 new confirmed cases of coronavirus infections on Tuesday, the country’s National Health Commission said on Wednesday, down from 1,886 cases a day earlier and the lowest since January 29.
“Positive cues were witnessed in the market on hopes that the government is planning to consider some relief measures for the ailing telecom players. On the global front, there is a decrease in new virus cases and close to 80% of the Chinese enterprises are back to work indicating a possible economic recovery,” Vinod Nair, Head of Research at Geojit Financial Services said in a statement.
(with inputs from PTI)
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