Closing Bell: Sensex Rallies 367 Points, Reclaims 60,000-Mark, Nifty Above 17,900

Bajaj Finserv was the top gainer in the Sensex pack, rising over 5 per cent, followed by Bajaj Finance, Kotak Bank, Axis Bank, Tata Steel, HDFC Bank, Asian Paints, and ICICI Bank

New Delhi: The Indian equity benchmarks on Wednesday traded higher in afternoon deals rising for the fourth-straight session,

The equity benchmark Sensex rallied 367 points to reclaim the 60,000-mark on Wednesday, driven by strong gains in banking and financial stocks amid a supportive trend in European equities.

The 30-share index surged 367.22 points (0.61 per cent) to end at 60,223.15. Similarly, the broader NSE Nifty rose 120 points (0.67 per cent) to 17,925.25.

The Nifty index has now reached its hurdle zone of 18,000-18,100 levels where investors can look to trim their long position.

Further, if the index manages to sustain above the said resistance, then it may lead to a fresh breakout and inch towards its previous swing high.

Bajaj Finserv was the top gainer in the Sensex pack, rising over 5 per cent, followed by Bajaj Finance, Kotak Bank, Axis Bank, Tata Steel, HDFC Bank, Asian Paints, and ICICI Bank.

On the other hand, Tech Mahindra, Infosys, HCL Tech, Wipro, and PowerGrid were among the main losers.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended in the red, while Tokyo was positive.

Stock exchanges in Europe were trading with significant gains in mid-session deals.

Foreign institutional investors (FIIs) were net buyers in the capital market, buying shares worth Rs 1,273.86 crore on Tuesday, according to stock exchange data.

According to Reuters, the US markets, on the other hand, ended on a mixed note amid selective profit-taking. The Dow Jones gained 0.6 per cent, while the S&P 500 and Nasdaq slipped 0.1 per cent and 1.3 per cent, respectively.

The major markets in Asia on Wednesday morning were mostly down. Kospi had dropped over a per cent. Hang Seng and Shanghai Composite had declined over 0.5 per cent each. Taiwan too was down 0.1 per cent. However, Straits Times advanced 0.4 per cent, and Nikkei was flat.

Meanwhile, oil prices jumped to the highest levels since November 2021 even as OPEC+ agreed to stick with its planned production increase in February, citing only a mild impact on demand owing to the Omicron variant. On Tuesday, Brent Crude rose 1.3 per cent to $80 a barrel, and WTI Crude added 1.2 per cent to $76.99 a barrel.

Meanwhile, international oil benchmark Brent crude slipped 0.01 per cent to $79.99 per barrel.