In Mumbai, the benchmark Sensex witnessed a notable rise of 526 points, while the Nifty index crossed the 22,100 level on Wednesday. This surge was fueled by robust buying activity in banking, auto, and oil shares, buoyed further by positive macroeconomic data. Let’s delve into the key highlights of this market movement.
Sensex Performance
The 30-share BSE Sensex surged by 526.01 points or 0.73%, closing at 72,996.31. During the trading session, it reached a high of 73,138.73, indicating strong bullish momentum. Among the Sensex components, 18 stocks witnessed gains, while 12 closed lower.
Nifty’s Rebound
The broader Nifty index of the National Stock Exchange (NSE) rebounded by 118.95 points or 0.54%, settling at 22,123.65. Within the Nifty, 22 stocks saw gains, 27 declined, and one remained unchanged, showcasing a mixed performance across sectors.
Sectoral Performance
The uptrend in the market was driven by strong performances in the auto, banking, and energy sectors. On the flip side, sectors like FMCG and IT witnessed profit-taking activities, leading to minor declines.
Major Gainers and Losers
Reliance Industries emerged as one of the top gainers on the Sensex, rising by 3.6%. Other major gainers included Maruti, Bajaj Finance, Titan, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, Mahindra & Mahindra, and Larsen & Toubro. On the contrary, Wipro, HCL Technologies, Nestle, Tata Consultancy Services, and Tata Motors faced declines.
Market Sentiment and Outlook
The positive closure of the market was attributed to stock-specific actions and favorable economic growth forecasts. However, with a truncated holiday week, investors are closely monitoring upcoming events such as the US GDP data release and the RBI policy announcement next week for insights into the market’s future trajectory.
Small and Mid-Cap Performance
The small-cap segment outperformed, providing investors with attractive opportunities despite relatively low trading volumes. The BSE smallcap index climbed by 0.70%, while the midcap index showed a marginal increase of 0.01%.
Sectoral Indices Performance
Various sectoral indices witnessed positive movements, with services, capital goods, consumer durables, industrials, and realty sectors showcasing notable gains. Conversely, commodities, IT, utilities, metal, and teck sectors faced some pressure.
Global and Domestic Market Trends
Asian markets saw mixed outcomes, with Tokyo closing positively while Seoul, Shanghai, and Hong Kong ended lower. European markets were trading with a mixed tone, and Wall Street ended on a negative note in the previous session.
Foreign Institutional Investors (FIIs) Activity
FIIs turned net buyers on Tuesday, exhibiting confidence in the Indian market as they bought equities worth Rs 10.13 crore, according to exchange data.
Oil Market Movement
The global oil benchmark Brent crude witnessed a slight decline of 0.96%, settling at USD 85.42 per barrel.
Previous Day’s Performance
In the previous trading session, the BSE benchmark and NSE Nifty experienced minor declines, reflecting the volatile nature of the market in the short term.
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