Sensex Hovers Around 35,000-Mark, Nifty At 10,300 Level, ITC, Axis Bank, HDFC Emerge Top Gainers

Kotak Mahindra Bank was down 3 per cent and NTPC slipped 3 per cent to emerge top losers.

(File Photo/ Getty)

Market Today:  The 30-stock benchmark index Sensex on Wednesday touched the 35,100-mark, to edge 190 points higher while the Nifty is hovering around 10,300 level. Stocks such as ITC, Axis Bank, HDFC, and Reliance Industries supported the gains in Sensex while Kotak Mahindra Bank was down 3 per cent and NTPC slipped 3 per cent to emerge top losers. State-run oil producer ONGC slipped 4 per cent after it posted the first-ever quarterly loss. The company reported a ₹3,098 crore loss in January-March compared with a profit of ₹4,240 crore in the year-ago period. According to the economic data released on Tuesday, the fiscal deficit for the first two months of FY21 was at ₹4.66 trillion, or 58.6 per cent of the full year target of ₹7.96 trillion. Output of the eight core sectors of the economy shrank 23.4 per cent in May. On Tuesday, the Sensex closed at 34,915.80 points whereas the broader 50-scrip Nifty at the National Stock Exchange (NSE) closed at 10,302.10 points. Fitch Ratings on Tuesday cut India's growth forecast for 2021-22 fiscal to 8 per cent from 9.5 per cent estimated last month. The global rating agency expects the economy to shrink 5 per cent this fiscal. Asian Market Asian equities remain muted in early deals on Wednesday even as the indexes were in positive trajectory. The Nikkei Stock Average added 37.52 points, or 0.17 per cent, the broader Topix shed 1.07 points. Hang Seng, Kospi, and Australian equities also rose but marginally. US Market Meanwhile, US equities closed higher as noticeable gains in tech shares supported the market. On Tuesday, the Dow Jones Industrial Average was up 217.88 points, or 0.85 per cent, to 25,812.88. The S&P 500 was up 47.05 points, or 1.54 per cent, to 3,100.29. The Nasdaq Composite Index increased 184.61 points, or 1.87 per cent, to 10,058.77, Xinhua news agency reported. Shares of US tech giants, the FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, all closed higher. The S&P 500 technology sector gained 1.92 per cent, among the best-performing groups. Investors digested testimony from US Federal Reserve chair Jerome Powell. The sooner-than-expected reopening of the US economy has brought "new challenges" for the country, evidenced by recent increases in COVID-19 cases across the nation, Powell has warned. "We have entered an important new phase and have done so sooner than expected. While this bounceback in economic activity is welcome, it also presents new challenges-notably, the need to keep the virus in check," he said in prepared remarks before a hearing held by the House Financial Services Committee on Tuesday. (With inputs from IANS)