Market breadth was quite positive with 1,840 shares gaining while 1,542 stocks declined on BSE.
New Delhi: Indian stock benchmarks continued to rise on Wednesday after a cautious start led by gains in banking and financial shares. The 30-share BSE Sensex gained 367 points or 0.61% to close at 60,223, while the broader NSE Nifty hit 120 points or 0.67% higher at 17,925. Both indexes recorded a fourth consecutive gain.
Mid-cap and small-cap stocks ended mixed as the Nifty Midcap 100 index gained 0.15% and the Nifty Smallcap 100 index fell 0.25%.
“Traders are more hopeful with the decision of the Reserve Bank of India (RBI) to keep the reverse return rate unchanged in the next policy amid the increase in coronavirus cases in India. are gaining strength due to the aggressive move by the Federal Reserve to boost economic growth,” said Gaurav Garg, Head of Research, Capitalvia Global Research Ltd. NDTV.
“Our research suggests that 60,000 (Sensex) could act as an important psychological level in the market. Sustaining above this level could lead to higher highs of 60,500. Technical indicators also support the move. positive in the market,” he added.
“The markets have broken through a significant hurdle of 17,800 and managed to close above a similar level. I believe that from an uncertain or volatile environment, Nifty is now heading for a directional move. I would expect 19,000-19500 in the medium term.Overall, that is expected, said Sahaj Agrawal, Head of Research – Derivatives at Kotak Securities.
10 out of 15 industry gauges – compiled by the National Stock Exchange – are colored green. Nifty Bank, Nifty Private Bank, Nifty Financial Services and Nifty PSU Bank rose as much as 2.32%.
In terms of stocks specifically, Bajaj Finserv was Nifty’s top gainer as shares rose 4.95% to Rs 17,983.30. Bajaj Finance, Kotak Mahindra Bank, JSW Steel and Grasim were also among the gainers.
On the other hand, Tech Mahindra, Infosys, HCL Tech, Divi’s Lab and Wipro are among the losers.
On the BSE platform, Kotak Mahindra Bank, Axis Bank, Tata Steel, HDFC Bank and Asia Paint attracted the most gains with their shares rising as much as 3.45% in afternoon trading.
PowerGrid, Dr Reddy’s NTPC, TCS and Titan are among the laggards.
Market breadth was quite positive with 1,840 shares gaining while 1,542 stocks declined on BSE.
