Stock Market: Sensex Rises 100 Points, Nifty Ends Above 19,600. Airtel, HDFC Bank Lead; FMCG, Power Rally

Stock update: On the 30-share Sensex platform, Airtel, HDFC Bank, Titan, UltraCemco, ITC were among the lead gainers. Tata Steel, Axis Bank, NTPC, ICICI Bank, IndusInd Bank, Maruti emerged losers

In the broader market, the BSE Midcap index went up 0.1 per cent, while the SmallCap settled in the red. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, on Wednesday extended their winning run into the fourth straight session because of late buying in index heavyweights, HDFC Bank, Bharti Airtel, and ITC. The S&P BSE Sensex, which had slipped to a low of 65,488, rebounded sharply in the last 35 minutes of trades. The BSE Sensex finally closed with a gain of 100 points at 65,880. On the other hand, the NSE Nifty50, which swung in a range of 142 points settled at 19,611, up 36 points. The NSE benchmark closed above the 19,600-level after nearly a month, and has gained 357 points in the last four trading sessions.

On the 30-share Sensex platform, Airtel, HDFC Bank, Titan, UltraCemco, ITC were among the lead gainers. On the downside, Tata Steel, Axis Bank, NTPC, ICICI Bank, IndusInd Bank, Maruti emerged losers.

In the broader market, the BSE Midcap index went up 0.1 per cent, while the SmallCap settled in the red.

Sectorwise, the BSE FMCG index gained 1 per cent. Oil & gas and power indices gained 0.5 per cent each. Metal and Realty indices declined 1 per cent each.

In the IPO section, Jupiter Life Line Hospitals was subscribed up to 61 per cent on Day 1 of the offer period as of 03:30 PM. Retail quota received bids up to 86 per cent, while HNIs segment was subscribed 81 per cent.

In the previous session on Tuesday, the S&P BSE Sensex closed 152 points up at 65,780, while the NSE Nifty settled with a gain of 46 points at 19,575.

In Asian markets, Tokyo, Shanghai, and Hong Kong ended in the green while Seoul settled lower. European equity markets were trading lower. The US markets ended in the negative territory on Tuesday.

Global oil benchmark Brent crude declined 0.70 per cent to $89.41 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,725.11 crore on Tuesday, according to exchange data.

Meanwhile, the rupee depreciated by 10 paise and settled for the day at an all-time low of 83.14 (provisional) against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency. Forex traders said the Indian rupee depreciated on Wednesday as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee.

At the interbank foreign exchange market, the local unit opened at 83.08 against the US dollar and moved in a range of 83.02 to 83.18 in the day trade. The rupee finally settled at 83.14 (provisional) against the US dollar, down 10 paise from its previous close.

The India currency earlier hit the lowest level of 83.13 on August 21 this year. On Tuesday, the rupee plunged by 33 paise to close at 83.04 against the US dollar.