The broader S&P CNX Nifty of the National Stock Exchange (NSE) settled the day at 3,354.20, up 29.20 points. The expiry of the derivative contracts that will happen on Thursday also pushed the index further northwards.
Analysts, however, say, that even though the Sensex may have crossed the Dow, it is in no way comparable to the US index. "Technology stocks took the Sensex northwards on Wednesday. The index has just crossed the Dow in absolute terms. If one takes into account the market capitalisation, the Sensex is just one-tenth of the Dow," said the research head of a domestic brokerage.
Interestingly, the market breadth took a U-turn on Wednesday after remaining negative for the past few days. On BSE, a total of 1,653 stocks gained ground as against only 840 losers. The BSE Smallcap index gained more than 2% or nearly 130 points.
The BSE Metal index may have gained just 79.70 points on Wednesday, but it has moved up by a massive 852.80 points (11.02%) in the last one week. The surge has been on the back of steel stocks like Tata Steel, Sail and Jindal Steel.
The turnover witnessed a sharp fall after touching record levels on the previous two occasions. The turnover on BSE and NSE was pegged at Rs 4,241.83 crore and Rs 8,043.94 crore, respectively. FIIs were net buyers at Rs 371.70 crore in the cash market on Tuesday. In the F&O segment, they were net sellers at Rs 157.42 crore.
Among the Sensex pack, 23 stocks gained ground with Gujarat Ambuja Cements Ltd, Satyam Computers, Infosys Technologies, Wipro, Bhel, ICICI Bank and HDFC Bank all ending the day in the black.