On Wednesday, Indian equity benchmarks rose sharply, led by gains in financials, consumer stocks and autos. A recent drop in crude oil prices also supported investor sentiment.
Brent crude futures were trading slightly above $104 a barrel after falling 9.5% in the previous session. U.S. crude futures edged higher, remaining above $100 a barrel, after finishing below $100 for the first time since late April yesterday.
However, shares in Asia fell today as concerns over a global recession persist.
Back home, the 30-stock BSE Sensex jumped 617 points or 1.16% to close at 53,751 today, while the broader NSE Nifty rose 179 points or 1.13% to s set at 15,990.
Mid and small cap stocks ended on a strong note as Nifty Midcap 100 climbed 1.90% and small caps rose 0.49%.
14 of 15 sector gauges – compiled by the National Stock Exchange – settled in the green. The Nifty Financial Services, Nifty FMCG, Nifty Consumer Durables and Nifty Auto sub-indices outperformed the NSE platform rising as high as 3.12%, 2.64%, 2.35% and 2.60%.
However, Nifty Oil & Gas showed some weakness dropping as much as 0.17%.
On the stock-specific front, Bajaj Finance was Nifty’s top gainer as the stock climbed 4.75% to 5,930 rupees. Bajaj Finserv, Britannia, Hindustan Unilever and Eicher Motors were also among the winners.
The overall market breadth remained positive as 1,840 stocks rose while 1,463 fell on BSE.
On the BSE 30-stock index, Bajaj Finserv, Bajaj Finance, HUL, Maruti, Asian Paints, Titan, Kotak Mahindra Bank, Nestle India, M&M, IndusInd Bank, UltraTech Cement and SBI were among the top gainers with their stocks rising. rise as much as 4.54 percent.
Additionally, shares of Life Insurance Corporation of India (LIC), the country’s largest insurer and largest domestic financial investor, edged up 0.04% to end at 703.05 rupees.
On the other hand, PowerGrid, NTPC, Reliance Industries, L&T and Tata Steel finished in the red.