Share Market Today: Sensex Rises 256 Points; Nifty Closes Above 26K For The First Time
Share Market Today: On the 30-share Sensex platform, PowerGrid, Axis Bank, NTPC, Bajaj Finserv, Bajaj Finance, Tata Steel emerged gainers
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Wednesday rebounded sharply and pared their early morning losses. The two indices scaled their new highs before closing Wednesday’s trading session. The Sensex gained 256 points to 85,170. On the other hand, the NSE Nifty50 hit an all-time high of 26,032 before ending the session at 26,004, rising 64 points.
Stock update
On the 30-share Sensex platform, PowerGrid, Axis Bank, NTPC, Bajaj Finserv, Bajaj Finance, Tata Steel emerged gainers. On the down side, TechM, Tata Motors, Titan, Kotak Bank, SBI, JSW Steel are among the losers.
In the broader, Nifty Midcap 100 and Nifty Smallcap 100 indices settled in the red, declining 0.63 per cent and 0.42 per cent, respectively.
The volatility index, India VIX, closed 7.37 points lower at 12.41.
Sectoral update
On the sectoral front, indices for power, metal, media, and real estate jumped by 0.5-3 per cent, while FMCG, PSU banks, and IT saw declines of 0.5-1 per cent.
In the previous session on Tuesday, the 30-share Sensex peaked at 85,163 but closed slightly lower at 84,914, down 14.57 points, or 0.02 per cent, from the previous day. On the other hand, the NSE Nifty50 reached an intraday high of 26,012 before settling at 25,940.
"Nifty 50 recovered from day's low in the last leg of the trade to end at record close. A brief China-led rally seemed to be dying out, leaving shares in Europe and Asia mixed on Wednesday after a strong start that had extended overnight gains on Wall Street," Deepak Jasani, Head of Retail Research, HDFC Securities, said.
Global update
In Asian markets, Shanghai and Hong Kong settled in the positive territory while Seoul and Tokyo ended lower. European markets were trading mostly lower. The US markets ended higher on Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,784.14 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude dipped 0.35 per cent to $74.91 a barrel.
Rupee gains 3 paise
The rupee appreciated 3 paise to close at 83.60 (provisional) against the US dollar on Wednesday, tracking a positive trend in domestic equities and a weak greenback against major currencies overseas. However, net foreign fund outflows capped sharp gains in the local unit, forex traders said.
At the interbank foreign exchange, the local unit opened slightly strong at 83.59 against the American currency. During the session, it surged 12 paise to touch 83.51. However, the domestic currency gave up most of its gains to settle at 83.60 (provisional), 3 paise higher than its previous close. On Tuesday, the rupee fell 9 paise to close at 83.63 against the American currency.
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