Market experts said robust buying in IT and healthcare stocks, along firm domestic industrial output growth, added to the upward trajectory of the key indices.
The benchmark indices of the domestic stock markets closed a volatile trade session on a flat-to-positive note on Wednesday — paring most of their earlier gains — as investors remained cautious ahead of the outcome of three major global central banks. The US Federal Reserve policy meet outcome is slated for later in the evening. Nevertheless, the indices closed in the positive territory for the third consecutive session and closed at fresh four-month highs.
The BSE Sensex closed 46.64 points up, while the Nifty50 closed trade with gains of 0.13 per cent. Market experts said robust buying in IT and healthcare stocks, along firm domestic industrial output growth, added to the upward trajectory of the key indices. “Once again, IT stocks helped Nifty close in the green while financials dragged. IT sector contributed 17 points to index gains with Infosys being top gainer. TCS was also one of the top gainer in the Nifty as its board is meeting on buyback,” said Rahul Sharma, Senior Research Analyst at Equity99.
“Financials dragged market in second half. HDFC and HDFC Bank were top index losers,” Sharma added. Shares of Dr Reddy’s Lab, Tata Consultancy Services, state-run lender SBI, Power Grid and Infosys were the top gainers on the BSE, while Tata Steel, Adani Ports, Hindustan Unilever, Bharti Airtel, and Larsen and Toubro (LT) were the major losers.
On Wednesday, Asian stocks mostly slipped as investors turned their eyes to the US Fed, ECB and Bank of Japan’s this week’s meetings, Reuters reported. Japan’s benchmark Nikkei 225 was up 0.4 percent, while South Korea’s Kospi was down by less than 0.1 per cent. European shares traded little wobbly as investors awaited further guidance from the Federal Reserve on future US rate hikes.