The domestic benchmarks closed higher for the second straight session on Wednesday, following firm cues from global peers. The correction in oil prices and bond yields prompted investors to shift focus to riskier assets. The market witnessed buying in rate sensitive auto, realty and bank stocks ahead of the the Reserve Bank of India's policy outcome, due on Thursday.
Extending rally for the second session, the BSE Sensex closed 657 points, or 1.14%, higher at 58,466, and the NSE Nifty rose 197 points, or 1.14%, to settle at 17,464. In a similar trend, the broader markets also ended higher. The S&P BSE Midcap index rose 1.23%, and the S&P BSE Smallcap index gained 0.57%.
The overall market breadth on the BSE was positive, with 1,878 shares advancing out of total 3,696 traded stocks. Out of the total shares, 1,680 shares declined and 138 were unchanged.
Top gainers and losers
Out of the top 30 shares on the BSE Sensex pack, 27 index heavyweights settled in positive terrain, while the remaining stocks ended lower. The top gainer on the BSE Sensex pack was Maruti Suzuki India, the country’s largest car maker, which closed 4.14% higher. Some of the other top performers include IndusInd Bank, HDFC Bank, Bajaj Finserv and Titan Company, which rose up to 3%.
On the flip side, pharma major Sun Pharmaceutical Industries emerged as the biggest loser by falling 0.72%. It was followed by FMCG major ITC and state-owned power transmission company Power Grid Corporation of India, which fell up to 0.5%.
All sectors, barring oil & gas, end in green
The market witnessed broad-based buying with all sectoral indices, barring oil and gas, ending in green. The BSE auto index emerged as the best performer on the sectoral front by rising 2.18%. The top gainers in the auto space were Maruti Suzuki India, Bajaj Auto, Cummins India, Ashok Leyland and Balkrishna Industries.
The auto index was followed by consumer durables space, which ended 1.8% higher, led by Dixon Technologies (India), Rajesh Exports, Aditya Birla Fashion and Retail, Havells India and Voltas.
On the losing side, the BSE oil and gas index was the worst performer, falling 0.37%, led by Adani Total Gas, Oil And Natural Gas Corporation, Indraprastha Gas, GAIL (India) and Gujarat Gas.
Global stocks follow Wall Street higher
Shares in the Asia-Pacific region and the European market extended rally for the second straight session on Wednesday, following firm cues from Wall Street which finished higher overnight. Investors kept a close eye on key U.S. inflation data slated to be released later this week.
In the Asia-Pacific region, Japan’s Nikkei 225 rose 1.08%, while South Korea’s KOSPI added 0.8%. The Straits Times in Singapore climbed 0.5%, while Taiwan Weighted Stock Index rallied 1%.
In a similar trend, China’s Shanghai Composite ended 0.79% higher, while Hong Kong’s Hang Seng index emerged as best performer in the region by gaining more than 2%.
In European markets, most of the stocks traded higher, tracking strong cues from Wall Street. Germany’s DAX rallied 1.3% in early deals, while France’s CAC index jumped 1.35%. The U.K.’s FTSE 100 index gained 0.35%, while Spain’s IBEX index surged 1.4% in early deals.
In overnight trade, all three major U.S. indices closed higher, driven by gains in big tech companies and banking stocks. The Dow Jones Industrial Average rose 1%, the S&P 500 added 0.8%, while the Nasdaq Composite ended 1.28% higher.
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