Domestic equity markets closed higher for third consecutive session on Wednesday on account of sustained foreign fund inflows amid positive corporate earnings ahead of the release of key macroeconomic data later in the day. Sensex closed 109.16 points up at 28,452.17, while Nifty gained 41.85 points to end at 8,786.20.
Jayant Manglik, president, retail distribution, Religare Securities Ltd said,” Extending previous session’s rally, Nifty made a positive start on Wednesday and settled with gain of nearly half a percent. Participants were in upbeat mood from the beginning, which is obvious post consolidation breakout, and remained busy largely in stock specific trading. After noticeable contribution in Tuesday’s trade, movement of sectoral front was mixed
wherein banking and financial again outshined the others.”
Asian markets ended mixed on Wednesday, with investors eyeing China PMI data this week and taking note of regional data in Japan. Growth in Japan’s industrial output ground to a halt in July after June’s gains, underscoring the fragility of factory activity and the continuing challenge to policymakers grappling with a stalling economy. Investors were also awaiting for US jobs numbers for further indications if the US Federal Reserve is likely to raise rates as soon as September. Meanwhile, the European counterparts were trading in the positive territory though with marginal gains with France’s CAC being the top gainer in the space.
Back home, the local benchmark got off to a positive opening, in tandem with the cautiously optimistic sentiments prevailing in Asian markets. Thereafter, the indices kept oscillating in a narrow range through the morning session. However, the benchmarks slowly started gaining pace and by afternoon session surged to the high points of the day with BSE benchmark index, Sensex regaining 28500 mark and S&P CNX Nifty crossing 8800 mark.
Among the top sectoral gainers on the BSE indices were Capital Goods up by 1.40 per cent, Bankex up by 1.20 per cent, Consumer Durables up by 0.71 per cent, Auto up by 0.35 per cent and FMCG up by 0.15 per cent, while Metal down by 1.40 per cent, Realty down by 0.81 , IT down by 0.39 per cent, PSU down by 0.17 per cent and TECK down by 0.14 per cent were among the top losers on BSE.
Larsen & Toubro up by 2.71 per cent, Hero MotoCorp up by 2.13 per cent, HDFC Bank up by 1.83 per cent, Tata Motors up by 1.73 per cent and Asian Paints up by 1.09 per cent were among the top gainers on Sensex. On the other hand, Tata Steel down by 1.95 per cent, ONGC down by 1.92 per cent, Lupin down by 1.71 per cent, NTPC down by 1.58 per cent and TCS down by 1.42 per cent were the top losers.
Ultratech Cement up by 3.53 per cent, Kotak Mahindra Bank up by 2.91 per cent, Larsen & Toubro up by 2.46 per cent, Ambuja Cements up by 2.42 per cent and Tata Power Company up by 2.20 per cent were among the top gainers on NSE. On the other hand, Hindalco down by 2.30 per cent, Tata Steel down by 2.03 per cent, Bosch down by 1.98 per cent, Lupin down by 1.77 per cent and Reliance Industries down by 1.73 per cent were among the top losers on NSE.