Image Source : FILE Business stock exchange building.
In a remarkable turnaround, the Indian equity benchmarks, Sensex and Nifty, experienced a late surge, closing higher on Wednesday, bolstered by robust buying in key players like Reliance Industries (RIL), ICICI Bank, and HDFC Bank. Despite a subdued start, the BSE benchmark witnessed fluctuations between gains and losses before concluding 271.50 points, or 0.38%, higher at 71,657.71. The index fluctuated between a low of 71,110.98 and a high of 71,733.84 during the trading session. The Nifty also saw an upswing, gaining 73.85 points, or 0.34%, and settling at 21,618.70.
According to the news agency PTI, market expert Vinod Nair, Head of Research at Geojit Financial Services, noted, “The weakness in global indices continued to weigh down the domestic indices with every up move. The market is looking for fresh triggers for a direction, and the release of US and Indian inflation data may provide a near-term direction in the market.”
Reliance Industries emerged as the top gainer in the Sensex pack, surging by 2.69%. Other notable gainers included HCL Tech, ICICI Bank, Tata Motors, Wipro, IndusInd Bank, JSW Steel, Tata Consultancy Services, and Titan.
Conversely, NTPC, Power Grid, UltraTech Cement, Axis Bank, Infosys, and Nestle were among the major laggards.
In Asian markets, Tokyo closed in positive territory, while Seoul, Shanghai, and Hong Kong ended lower. European markets displayed a mostly positive trend. The US markets, however, concluded mostly lower on Tuesday.
Foreign Institutional Investors (FIIs) reportedly divested equities worth Rs 990.90 crore on Tuesday, as per exchange data.
Brent crude, the global oil benchmark, experienced a slight dip of 0.19%, settling at USD 77.44 per barrel.
On Tuesday, the BSE benchmark had a marginal uptick of 30.99 points, or 0.04%, closing at 71,386.21, while the Nifty ended 31.85 points, or 0.15%, higher at 21,544.85.
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