Market posted strong gains, most of Adani Group stocks recover
At close, the Sensex was up 1,961.32 points or 2.54% at 79,117.11, and the Nifty was up 557.35 points or 2.39% at 23,907.25.
Benchmark indices closed higher on Wednesday tracking gains in Europe and Asian equities ahead of the key US Federal Reserve’s interest rate outcome.
The Nifty closed at 24,857.3, up by 0.38 pet cent. The index reached a high of 24,984.6 and a low of 24,856.5. Financial services, auto, and metal stocks led the gains in Nifty.
The Sensex closed 0.35% higher at 81,455.4, 285.94 points above opening price. The index traded between 81,828.04 and 81,434.32.
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On the sectoral front, Nifty Metal was the top gainer, up by 1.2%. It was followed by Nifty Pharma and Media, each up over one percent. Nifty PSU Bank and Nifty Realty were the losers, both down 0.4%.
Midcap index outperformed the Nifty 50, with the Nifty Midcap 50 closing 0.7% higher. Small cap stocks underperformed the Nifty 50, with the Nifty Small Cap 100 ending at 19,207.55, down by 69.9 points and 0.36% lower.
India VIX, which showcases marking anxiety, rose 3 percent to end at 13.
Shares of Torrent Power soared over 16% to hit a fresh record high of Rs 1,898 after the integrated power utility of the diversified Torrent Group reported stellar earnings for the quarter ended June.
IndiaMART shares tumbled almost 7% after the firm reported an addition of just 1,500 subscribers during the quarter ended June, falling sharply under the Street’s estimates.
GAIL India share price jumped over 3% after the distributor reported strong Q1 FY25 results, beating street estimates.
Zomato closed at 1.01% higher on BSE. In the last one year, shares of the company have surged by a whopping 173%.
The rupee rose two paise to 83.71 against the US currency in early trade on Wednesday following a marginal dip in the dollar in overseas markets.
In the international commodity market, spot gold was up 0.4% at $2,416.79 per ounce, gaining nearly 4% for the month. US gold futures rose 0.5% to $2,414.80.
Federal Reserve officials are expected to signal a potential interest rate cut in September, moving closer to lowering rates from a two-decade high.
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