Closing Bell: The two key equity benchmarks, Sensex and Nifty, on Wednesday closed in the green as the stock market were mostly range-bound. The S&P BSE Sensex jumped 345 points to 75,038. On the other hand, the NSE Nifty50 closed at 22,754, rising 111 points.


Stock update


On the 30-share Sensex platform, ITC is the lead gainer, up 2.5 per cent, followed by Kotak Bank, Airtel, SBI, Asian Paints, TechM. On the downside, Maruti, HDFC Bank, L&T, M&M, Tata Steel, Bajaj Finserv emerged losers.


A total of 1,761 shares advanced, 1,617 shares declined, while 81 shares unchanged.


In the broader markets, the BSE Midcap index and the BSE Smallcap index advanced 0.89 per cent and 0.46 per cent, respectively.


Sectoral update


Sectorwise, Nifty PSU Bank, FMCG, Media, and Metal indices gained in the range of 1.23 per cent to 1.80 per cent, while Pharma and Auto indices closed in the red.


In the previous session on Tuesday, the S&P BSE Sensex ended 59 points lower at 74,684, while the NSE Nifty50 closed 24 points down at 22,643.


"Indian markets sustained their upward momentum, buoyed by a robust performance in the broader market, albeit slightly lagging behind its Asian and European counterparts," Vinod Nair, Head of Research, Geojit Financial Services said. The majority of sectors were aligned with the move wherein FMCG, metal and energy were among the top gainers. The broader indices also edged higher after two days of pause and gained in the range of 0.7 -0.9 per cent, Ajit Mishra, SVP - Technical Research, Religare Broking Ltd said.


Global markets update


In the Asian markets, Tokyo and Shanghai experienced declines, while Hong Kong managed to finish in positive territory. South Korean markets were closed due to elections. On the other hand, European markets showed gains as they traded in the green. Wall Street predominantly closed with gains on Tuesday.


Brent crude, the global oil benchmark, saw a slight increase of 0.18 percent, reaching $89.58 per barrel.


According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 593.20 crore on Tuesday.


Rupee gains 12 paise


On Wednesday, the rupee strengthened by 12 paise to close at 83.19 (provisional) against the US dollar. This was attributed to equity benchmarks reaching record highs and a weakened greenback against major currencies internationally, which boosted investor confidence.


Forex traders noted that the increasing appetite for riskier assets was supportive of the local currency.


In the interbank foreign exchange market, the rupee opened at 83.23 against the dollar and reached an intraday high of 83.15 before settling at 83.19 (provisional) against the dollar, marking a 12-paise increase from its previous close.


On Monday, the rupee had remained stable at 83.31 against the US dollar. Forex and money markets remained closed on Tuesday due to 'Gudhipadwa'.