Share Market Today: The two key equity benchmarks, Sensex and Nifty, on Wednesday closed in the green, snapping its two-day losing run following a rally in IT stocks. The Sensex jumped 150 points to end at 79,106. On the other hand, the NSE Nifty50 closed at 24,144, rising 5 points.
Stock update
On the 30-share Sensex platform, TCS, HCLTech, Infosys, TechM, M&M, Airtel emerged as the prime gainers. On the flip side, UltraCemco, JSW Steel, Tata Steel, Adani Ports, PowerGrid, IndusInd Bank were among the losers.
In the broader markets, the BSE Midcap and Smallcap indices declined 0.5 per cent each.
Sectoral update
Sectorwise, IT stock is the sole gainer, up 1.5 per cent. The other indices closed in the red. Capital goods, healthcare, oil & gas, metal, realty, pharma, media were down 0.5-1 per cent.
In the previous session on Tuesday, the BSE Sensex plunged 693 points to 78,956, while the NSE Nifty50 closed at 24,139, sliding 208 points.
"The PPI (Producer Price Inflation) numbers from the US indicate softening of inflation, and a confirmation of this declining trend is likely from the CPI numbers coming today. The US market moved up yesterday in anticipation of this and a rate cut by the Fed in September," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.
The Indian stock market will be closed on Thursday, August 15, on the occasion of Independence Day.
Global update
In Asian markets, Seoul, and Tokyo settled higher, while Shanghai and Hong Kong ended lower. European markets were trading in positive territory. The US markets ended significantly higher on Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,107.17 crore on Tuesday, according to exchange data, while Domestic Institutional Investors (DIIs) bought equities worth Rs 1,239.96 crore.
Global oil benchmark Brent crude climbed 0.59 per cent to $81.17 a barrel.
Rupee up 2 paise
The rupee traded in a narrow range to settle 2 paise higher at 83.95 (provisional) against the American currency on Wednesday, helped by a sharp decline in the US Dollar against major currencies overseas. Forex traders said a mixed-to-positive tone in the domestic market also supported the rupee.
At the interbank foreign exchange market, the local unit opened at 83.90 but soon fell into the negative zone and touched an intra-day low of 83.97 against the American currency.
The domestic unit finally settled at 83.95 (provisional) against the American currency, 2 paise higher from its previous close. On Tuesday, the rupee settled for the day on a flat note at 83.97 against the US dollar.