Stock Market Snaps 8-Day Losing Run: Sensex Rises 449 Points, Nifty Ends Above 17,450. All Sectors In Green

Stock update: On the 30-share Sensex platform, barring HDFC Bank and PowerGrid, the rest 28 scrips ended in the green, with SBI, Axis Bank, TechM, HCL, TCS, IndusInd Bank emerged lead winners

In the broader markets, both BSE Midcap and Smallcap were up 1.4 per cent each.

The key equity benchmarks, Sensex and Nifty, on Wednesday logged smart gains and closed in the green after eight straight days. Wednesday’s trading saw solid gains in IT, financial, and metal sectors, while shares of Adani Group too finished with gains.

The S&P BSE Sensex, which scaled a high of 59,475 in late deals, finally closed with a gain of 449 points at 59,411. On the other hand, the NSE Nifty 50 index touched a high of 17,468, a day after breaking below the 200-DMA, a key technical level placed at 17,384. The Nifty ended 147 points higher at 17,451 on Wednesday.

On the 30-share Sensex platform, barring HDFC Bank and PowerGrid, the rest 28 scrips ended in the green, with SBI, Axis Bank, TechM, HCL, TCS, IndusInd Bank emerged lead winners.

Axis Bank was one of the top gainer among the Sensex 30 shares after the lender completed the acquisition of Citibank’s India business. The stock along with SBI and IndusInd Bank gained around 2.5 per cent each.

Adani Enterprises up nearly 16 per cent was the top gainer among the Nifty 50 pack. The stock has been in demand in the last two trading sessions, as the Group looks to re-build investors confidence. Among the other Group shares, Adani Power, Adani Green, Adani Transmission, Adani Wilmar, NDTV, and Adani Total Gas were locked at the 5 per cent upper limit. ACC, Amuja Cements, and Adani Ports were up 2- 3 per cent.

In the broader markets, both BSE Midcap and Smallcap were up 1.4 per cent each. The overall breadth too was fairly positive, with more than two shares advancing for every single declining stock on the BSE.

All the sectoral indices ended in the green, with the BSE Metal index surged 2.6 per cent and was the top gainer. The Bankex, IT, Capital Goods, and Realty indices also advanced over a per cent each.

In the previous session on Tuesday, the Sensex closed 326 points lower at 58,962, while the Nifty eventually settled 89 points lower at 17,304.

"The Indian market was oversold and needed encouraging domestic triggers to show signs of revival. The manufacturing PMI reported was better than predicted at 55.3, even though India's Q3 FY23 GDP statistics came in slightly below expectations at 4.4 per cent. Solid global markets, bolstered by strong Chinese manufacturing data, also ignited optimism in the domestic market," said Vinod Nair, Head of Research at Geojit Financial Services.

The growth momentum in India's manufacturing sector was maintained in February, with new orders and output increasing at similar rates to January, according to a monthly survey.

In Asian markets, Japan, China, and Hong Kong ended in the positive territory. Equity exchanges in Europe were trading in the green. The US markets had ended lower on Tuesday.

Foreign Portfolio Investors (FPIs) offloaded shares worth Rs 4,559.21 crore on Tuesday, according to exchange data.

International oil benchmark Brent crude dipped 0.18 per cent to $83.30 per barrel.

Meanwhile, the rupee appreciated by 8 paise to close at 82.50 (provisional) against the US dollar on Wednesday, as a positive trend in domestic equities and easing crude oil prices supported investor sentiments. At the interbank foreign exchange market, the local unit opened at 82.48 against the American currency and finally settled at 82.50 (provisional) against the greenback, registering a gain of 8 paise over its previous close of 82.58.

During the trading session, the rupee touched a high of 82.36 and a low of 82.61 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.39 per cent to 104.45.