Following purchases of energy, metal, and utility stocks in the last hour of trading on the back of upbeat domestic inflation data, benchmark indices Sensex and Nifty recovered losses and ended the day higher for the second day in a row on Wednesday.
The Sensex continued its upward trend for the second day, closing at 71,822.83 points, up 267.64 points, or 0.37 percent. Intraday transactions saw the index start lower and continue to decline, reaching a low of 70,809.84 points. The index recovered losses and reached a high of 71,938.59 points thanks to positive inflation statistics.
In addition, the larger NSE Nifty increased by 96.80 points, or 0.45%, to close the day at 21,840.05 points. In line with the sluggish US markets, the Nifty started gap-down. Nonetheless, a robust rebound in a few chosen heavyweights helped to both offset losses and end the index around its peak for the day, according to Ajit Mishra, SVP-Technical Research at Religare Broking Ltd.
Rising 4.24 per cent, State Bank of India led the Sensex pack’s gainers, which also included Tata Steel, Axis Bank, Maruti, NTPC, PowerGrid, ITC, and Nestle India. Reliance Industries’ market value reached a record of Rs 20 lakh crore as it surged 1.5% to close at Rs 2,962.60 each on the BSE. SBI’s shares ended the day at Rs 743.35 per.
On the other hand, the laggards were Tech Mahindra, Sun Pharma, TCS, Infosys, and HDFC Bank.