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Sensex ends 1,148 points higher, Nifty surges over 2%, Business & Economy News

Domestic stock market indices ended over 2 per cent higher on Wednesday, extending gains for the third straight session, mainly led by a rally in banks, financials and metal stocks. Meanwhile, IT, pharma and FMCG sectors also supported the frontline indices.

The S&P BSE Sensex touched a high of 51,540 during the day but retreated to end at 51,445 levels, up 1,148 points or 2.28 per cent.

The frontline Nifty50 index made a dash for 15,300-mark in the intra-day trade, and hit a high of 15,273. The index cooled-off marginally and settled at 15,246 levels, up 326 points or 2.19 per cent. 

Foreign investors had bought equities worth Rs 2,223.16 crore on net basis in Indian capital markets on Tuesday, exchange data showed.

Sectorally, all indices closed with gains barring auto. BSE energy surged 3.74 per cent, metal climbed 3.23 per cent, finance rose 2.80 per cent and bank gained 2.75 per cent.

The nifty bank which had a rough week so far took a breather and led the rally while consolidation was seen on auto stocks.

In the broader market, smallcap, midcap and largecap indices underperformed the benchmark.

“A stellar rally across BFSI & Metals powered Indices higher today by 2.3% with the market breadth improving dramatically in Afternoon Trade. Investors cherry-picked into AMC’s, HFC’s and the day also witnessed keen interest in Sugar stocks which recorded handsome gains,” S Ranganathan, Head of Research at LKP Securities said.

Meanwhile, Brent Futures rose by 1.84 per cent to trade at USD 63.77 per barrel.

On the forex market front, the rupee rose by 65 paise to end at 72.72 against the US dollar.

(With inputs from agencies)

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