Sensex, Nifty sharply advance on back of Maha assembly polls results
Sensex and Nifty sharply advanced in the morning trade on Monday on the back of Maharashtra assembly election.
Domestic benchmarks extended their gaining streak into the fifth session on Wednesday with indices rising nearly a per cent before closing day’s trade. After opening on a weak note, the S&P BSE Sensex rallied to end 304.38 points or 0.77 per cent higher at 39,878.95. Similarly, the broader NSE Nifty jumped 76.45 points or 0.66 per cent to close at 11,738.85.
The gainers chart on the Sensex was led by Titan (climbed over 4 per cent), followed by Bajaj Auto, Maruti, Reliance Industries, ONGC and UltraTech Cement. Whereas, the laggards included Bajaj Finance, PowerGrid, Tata Steel, NTPC and Sun Pharma.
On individual basis, Reliance shares rallied throughout the day and ended over 2 per cent on the BSE after the conglomerate announced that its retail arm, Reliance Retail Ventures Ltd (RRVL), will receive Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA).
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Unlike the equity benchmarks the S&P MidCap and SmallCap ended in red. The MidCap ended 0.61 per cent lower at 14,783.78 levels while the SmallCap closed at 15,049.32, down by 0.40 per cent.
“Market recovered quickly in morning trade and traded in the green throughout the day led by autos ahead of the RBI policy,” said S Ranganathan, Head of Research at LKP Securities.
The newly-constituted MPC of the Reserve Bank began its three-day deliberations earlier in the day. The decision of the rate-setting panel will be announced on October 9.
Although the broader market was a bit lacklustre, sustained buying in cement and select pharma counters was seen during the day, he added.
According to traders, Indian investors are also eyeing the possibility of a domestic fiscal package announcement in the near term.
Meanwhile, bourses in Hong Kong, Tokyo and Seoul ended on a mixed note, while Shanghai was closed for a holiday.
Stock exchanges in Europe were trading on a negative note in early deals.
International oil benchmark Brent crude was trading 1.59 per cent lower at USD 41.97 per barrel.
In the forex market, the rupee strengthened by 13 paise to settle at 73.33 against the US dollar.
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