Indian stock markets closed higher on Wednesday after surging in the mid-morning trade as the geopolitical tensions over North Korea missile launch seemed to ease. The buying in the shares of blue-chip companies Reliance Industries, HDFC, and HDFC Bank helped the benchmark indices to recover much of yesterday’s slump. BSE Sensex advanced 258 points to close at 31,646.46 points while NSE Nifty again settled below 9,900-mark, however, it ended up 88 points at 9,884.4 points. Out of 51 scrips on the broader Nifty, 38 settled higher, 11 ended in red while 2 were unchanged at the close.
The shares of Reliance Industries (up 2.12%), Adani Ports (up 1.94%), HDFC (up 1.83%), Coal India (up 1.39%), Tata Steel (up 1.35%), and HDFC Bank (up 1.28%) were the top gainers on the 30-share barometer today.
The shares of HDFC, Reliance Industries, HDFC Bank, ICICI Bank, L&T, Hindustan Unilever, ITC, Adani Ports, and Kotak Mahindra Bank contributed the most to the index gains. Collectively these 9 stocks alone added over 230 points out of the 258 points upsurge in the benchmark Sensex. Out of eleven sectoral indices of NSE ten ended higher with gains up to 2.65% while Nifty IT closed 0.12% lower. BSE Sensex which plunged about 382 points yesterday has recovered 258 points in today’s trade to end at 31,646.46 points.
Shares of the state-run petrochemical company Indian Oil Corporation hit a 52-week high on Wednesday as the company plans to invest Rs 32,000 crore over next four years to expand its output. The stock of the largest public sector company Indian Oil Corporation rose as much as 4.52% to the 52-week high of Rs 454.25 on BSE. To meet the rising demand for petrochemicals, especially plastics and polymers, largest public sector company Indian Oil Corporation will invest Rs 32,000 crore to ramp up its output by fiscal 2021.
Shares of Aviation companies are trading higher on Wednesday, with Interglobe Aviation, SpiceJet and Jet Airways gaining up to 3%. Just a while back according to news reports, civil aviation secretary R N Choubey said that the Indian Air Force will allow its Hindon base to be used for flights operating to tier-2 and tier-3 cities under the government’s regional connectivity scheme. The stock of Interglobe Aviation Ltd – the parent company of India’s largest airline carrier – IndiGo rose as much as 2.05% to the day’s high of Rs 1,197.85. Shares of Spicejet Ltd gained 2.9% to the day’s high of Rs 129.5 while Jet Airways (India) Ltd advanced 3.36% to the day’s high of Rs 564.45.