HDFC, HDFC Bank, ICICI Bank, Reliance Industries (RIL) and Bharti Airtel were among the top index contributors
The headline indices BSE Sensex and Nifty 50 reversed opening losses and turned positive in Wednesday’s session. The 30-share Sensex gained over 800 points from day’s low of 31,158 to trade at 31,970. While the broader Nifty 50 index reclaimed the 9,300-mark today. Out of 30 stocks that constitute BSE Sensex, 27 scrips were trading higher led by HDFC, Hero MotoCorp, ICICI Bank, HDFC Bank and Bajaj Finance. ITC was the top Sensex laggard with a decline of 6 per cent followed by Titan and Axis Bank, down 0.42 per cent and 0.18 per cent, respectively.
Nifty Bank index jumps 2.17%: Out of 11 sectoral indices, 8 were trading in positive territory. Nifty Bank index jumped 2.17 per cent led by gains in ICICI Bank, RBL Bank, HDFC Bank and Kotak Mahindra Bank. Conversely, Nifty FMCG index fell 1.39 per cent dragged by ITC, Emami, Godrej Properties and Dabur.
Global markets: In overnight trade on Wall Street, three major indices posted gains as healthcare stocks surged, oil prices jumped and some US states and countries eased lockdown restrictions to revive their economies. The Dow Jones Industrial Average rose 358.02 points, or 1.51%, to 24,107.78, the S&P 500 gained 51 points, or 1.79%, to 2,893.74 and the Nasdaq Composite added 178.67 points, or 2.05%, to 8,889.39.
FII and DII data: Foreign portfolio investors (FPIs) sold domestic stocks of worth Rs 1,059 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 995 crore on Tuesday, according to the data available with NSE.
Market outlook: Global cues are adding to the worries of market participants. In such a scenario, “it’s prudent to maintain a “bottom-up” approach and use correction to accumulate quality names in a staggered manner. On the other hand, traders should align their position according to the market trend,” Ajit Mishra, VP – Research, Religare Broking Ltd, said.