Benchmark indices on Wednesday bounced back sharply with Nifty finishing above 22,300, breaking a 10-day losing streak.
Notably, with today’s gain, Sensex also broke a three-day losing streak.
At close, the Sensex was up 740.30 points or 1.01% at 73,730.23, and the Nifty was up 254.65 points or 1.15% at 22,337.30.
Throughout the day, the index reached a peak of 22394.9 and a low of 22067.8 while the Sensex fluctuated between 73933.8 and 72894.05.
The broader markets outperformed the front-line indices. The Nifty Midcap 100 index surged 2.38% to close at 49,148, while the Nifty Smallcap 100 index posted similar gains, rising 2.90% to finish at 15,190 points.
All sectoral indices ended in the green with PSU Bank, media, telecom, metal and power indices rose 3% each.
The Nifty Metal index settled higher by 4.04% followed by the Nifty PSU Bank, and Media indices, which ended higher by over 3% each. Nifty IT, Auto, Oil & Gas, and Realty indices settled higher by over 2%.
All 15 constituents of Nifty Metal ended in the green. Among the top gainers, Hindustan Copper led the charge with a surge of 7.5%, followed by Welspun Corp, NALCO, Vedanta, NMDC, and Tata Steel, all closing with gains of over 5%.
Rupee appreciated by 19 paise to close at 87.00 against the US dollar on the back of weak American currency and a decline in crude oil prices.
On Nifty, the top gainers were Adani Ports & Special Economic Zone (5.18%), Tata Steel (4.85%), Adani Enterprises (4.71%), Mahindra & Mahindra (4.33%), and Power Grid Corporation of India (4.09%).
While on the losing side were Bajaj Finance (3.35%), Indusind Bank (1.59%), HDFC Bank (1.17%), Shriram Finance (0.25%), and Grasim Industries (0.13%).
The Bank Nifty concluded the day at 48245.2, with an intraday high of 48657.65 and a low of 48190.25.
Adani Wilmar shares rose 8% following its announcement about signing a definitive agreement to acquire GD Foods Manufacturing (India) Private Ltd.
Shares of Hindustan Petroleum Corporation Ltd (HPCL) jumped nearly 4% as oil marketing companies (OMCs) stocks extended their gains.
Leading SUV maker Mahindra & Mahindra jumped over 4% after international brokerage UBS Securities upgraded the stock to ‘Buy’ from ‘Neutral’.
Shares of Tata Steel also surged nearly 5% after China announced that it would restructure its steel industry to cut its total output.