Sensex gains 254 points as bulls lift Dalal Street for 3rd straight day

NEW DELHI: Benchmark indices continued to climb for a 3rd straight day on Wednesday monitoring gains in Asian friends and amid progress over the $1.9 billion stimulus package deal within the US.

Analysts consider bond yields appear to be consolidating in a variety, which can be soothing buyers’ nerves. Nonetheless, merchants will proceed to trace the yields carefully as any rise could set off fund outflows from India.

The 30-share pack Sensex added 254.03 points or 0.50 per cent to shut at 51,279.51. Its broader peer NSE Nifty superior 76.40 points or 0.51 per cent to fifteen,174.80.

“Domestic markets mirrored positive cues from its global peers, tracking gains from the US market as bond yields pulled back easing concerns about rising inflation. Buying interest was broad-based led by IT, pharma and metal stocks,” stated Vinod Nair, Head of Research at Geojit Financial Services.

Market at a look

  • Fear gauge India VIX plunges 8% to twenty.74
  • Nifty PSU Bank sole sectoral loser, ends marginally down
  • IPO watch: Easy Trip Planners IPO subscribed 156.29 occasions
  • Oil shares proceed to bleed as cos resolve towards rising costs
  • Stocks @ 52-week highs: Adani Power, Astral Poly, Chola Finance, L&T Tech Services, Mindtree, and so on.

Among the blue chip shares, Eicher Motors was the highest gainer, rising 3.10 per cent. JSW Steel, Hindalco, Tata Steel, Bajaj Finance, Tata Motors, Bajaj Auto, Sun Pharma and Axis Bank have been different gainers.
SBI Life Insurance was the highest loser within the Nifty pack, falling 3.48 per cent. ONGC, Indian Oil, HDFC Life Insurance, Kotak Mahindra Bank, GAIL, Adani Ports and Hero MotoCorp have been others that ended within the crimson.

Broader market indices ended with gains, outperforming their headline friends. Nifty Smallcap added 1.39 per cent and Nifty Midcap superior 0.82 per cent. Nifty 500 — the broadest index on NSE — climbed 0.59 per cent.

Edelweiss Financial Services, HUDCO, Coforge, Indiamart Intermesh, Graphite India and BEML have been prime gainers from the mid- and small-cap indices, climbing within the vary of 5-9 per cent.

“Traders have no option but to limit their leveraged positions and maintain a stock-specific trading approach.”

— (*254*) Mishra, Religare Broking

Ujjivan Financial Services, IDFC, JK Lakshmi Cement, Dhani Services, Gujarat State Petronet and Natco Pharma have been main losers from the broader market area, falling within the vary of 1-4 per cent.

Barring Nifty PSU Bank, which slipped 0.15 per cent, all sectoral indices on NSE ended increased. Nifty Metal was the most important gainer, up 1.87 per cent. Nifty IT and Nifty Pharma have been different sectoral gauges that rose.

Market breadth was in favour of gainers as 1,629 shares ended within the inexperienced whereas 1,350 counters settled with cuts. As many as 213 securities hit 52-week highs, principally from the small-cap area. Meanwhile, 47 scrips hit 52-week lows, principally from the micro-cap area. About 330 shares hit higher circuit limits and 225 decrease circuit limits.

European markets have been buying and selling combined on the final depend. London-based FTSE was down 0.14 per cent, whereas Paris and Frankfurt added 0.49 per cent and 0.44 per cent, respectively. In Asia, South Korea, Singapore and China closed within the crimson, whereas different markets registered gains.

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