Moneycontrol News

The S&P BSE Sensex rallied over 250 points on Wednesday while the Nifty50 reclaimed 10,700 levels and closed above 10,750 after two straight days of decline, despite muted global cues in the morning.

The Nifty50 index closed above most of its short-term moving averages such as 20-EMA, 13-EMA, and closed just around its crucial 5-EMA placed at 10,773, helped by value buying at lower levels.

“Stock markets in India shrugged recent weakness to trade on a positive note. In line with global cues, benchmark indices in Indian opened the day in the green and traded with strength, through the day,” Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

“Recovery in global stocks boosted sentiment on the domestic bourses while bargain hunting at lower levels provided some stability to markets. Both the benchmark Sensex and the Nifty finally closed the day with gains of 0.50 percent,” he said.

Sectorally, the Nifty Bank rose 1.1 percent, followed by Nifty Realty index which rose 1.10 percent, and the Metal index closed 0.99 percent higher.

On the losing side, the Nifty FMCG index slipped 0.46 percent, followed by the IT index which closed 0.28 percent lower.

Top Nifty gainers include names like RIL (up 2.3 percent), Vedanta (up 1.9 percent), IndusInd Bank (up 1.8 percent), Kotak Mahindra Bank (up 1.6 percent), and HDFC Bank (up 1.6 percent).

Top Nifty losers include names like UPL (down 3.2 percent), IOC (down 1.9 percent), HPCL (down 1.6 percent), ONGC (down 1.2 percent), and Dr Reddy’s Laboratories (down 1.06 percent).