The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 gained 96.80 points or 0.45% to settle at 21,840.05, while the BSE Sensex soared 277.98 points or 0.39% to 71,833.17. Bank Nifty index ended higher by 405.90 points or 0.89% to settle at 45,908.30.
The broader indices ended in positive territory, with gain led by Largecap and Smallcap stocks. PSU banks and Auto stocks outperformed where IT & Pharma stock shed.
BPCL, State Bank of India, ONGC, Coal India, Tata Steel were the top gainers on the NSE Nifty 50, while the laggards includes Tech Mahindra, Cipla, Dr Reddy’s Lab, Infosys, and TCS.
The Indian Volatility Index (India VIX) closed down by 2.35 %.
“The domestic market staged a recovery from day’s low, buoyed by renewed buying interest in banking stocks. Improving asset quality and the government’s continued focus on fiscal prudence attracted PSU banks, yet concerns lingered regarding their elevated valuations,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that, despite this, The optimism was further supported by favourable inflation figures from the UK, contributing to a widespread recovery. However, IT shares experienced selling pressure following the release of higher-than-expected US CPI, prompting concerns over potential delays in interest rate cuts and its impact on client spending.
