Fag-end buying lifts Sensex 214 pts; Nifty nears 17,400; IT stocks dazzle

CLOSING BELL

Stock market highlights: Fag-end buying lifted benchmark indices for a sixth straight day on Wednesday even as global markets remained tepid due to fresh US-China-Taiwan tensions and weak global growth concerns. All sectors, except IT and Financial Services, witnessed selling pressure today, led by auto, pharma, and public sector banks.

The benchmark S&P BSE Sensex traded within a wide range of 57,789 to 58,416 during the day, and closed at 58,351, up 214 points or 0.37 per cent. The NSE Nifty50, on the other hand, ended at 17,388, up 43 points or 0.25 per cent.

In the broader market, the BSE MidCap and SmallCap indices slipped 0.6 per cent, and 0.3 per cent, respectively.

Adani Transmission, the power transmission company of Gautam Adani Group company, surpassed the fast moving consumer goods (FMCG) firm ITC in market capitalisation (m-cap) ranking as the stock hit a new high on the BSE in Wednesday’s intra-day trade. READ MORE

Shares of SpiceJet moved higher by 18 per cent to Rs 52.40 on the BSE in Wednesday’s intra-day trade amid heavy volumes on report that the company’s promoter Ajay Singh is exploring possibility of a partial stake sale in the company. Currently, Ajay Singh and his family hold 59.40 per cent stake in SpiceJet. READ MORE

The rupee has firmly recovered over the last two weeks supported by weakening crude oil prices, and the recent halt in foreign investors’ exodus from domestic markets. However, whether the recent strength in the currency will sustain or not depends on the monetary policy trajectory of the Reserve Bank of India, foreign flows, and crude oil prices, experts said. READ MORE