Sensex Surges 612 Points, Nifty Ends Above 16,950; Hindalco, Tata Motors, Bajaj Finance Among Top Gainers
New Delhi: The Indian equity benchmarks traded higher on Wednesday led by gains across all sectors. The benchmark BSE Sensex rose 612 points or 1.09 per cent to close at 56,931; while the broader NSE Nifty moved 185 points or 1.10 per cent up to settle at 16,955.
Mid- and small-cap shares jumped as Nifty Midcap 100 index climbed 1.55 per cent and Nifty Smallcap 100 index surged 2.15 per cent.
All 15 sector gauges -- compiled by the National Stock Exchange -- settled in green. Sub-indices Nifty Pharma, Nifty Metal and Nifty Auto jumped as much as 1.99 per cent.
On the stock-specific front, Hindalco stood as the top Nifty gainer as the stock soared 3.95 per cent to Rs 463.05. Shares of Tata Motors, Divi's Lab, Eicher Motors and Bajaj Finance also witnessed gains.
On the flipside, SBI Life, Wipro, Grasim, Adani Ports and Nestle India fell as much as 0.99 per cent.
On the BSE index, Bajaj Finance, Bharti Airtel, L&T, Sun Pharma, Reliance Industries and SBI attracted the most gains with their shares rising as much as 2.94 per cent.
"Most of the fears and reaction to negative vibes look to be slightly overdone. Which is why we have seen a recovery rally in the past two sessions," Anand James, chief market strategist at Geojit Financial Services, told news agency Reuters.
Also, footwear retailer Metro Brands, backed by billionare investor Rakesh Jhunjhunwala, made its debut at a discount of 13 per cent compared with its initial public offering (IPO) price of Rs 500.
The overall market breadth stood positive as 2,435 shares advanced while 907 declined on BSE.
Both the BSE and NSE indices had surged nearly a per cent respectively on Tuesday after tumbling as much as 3 per cent on Monday.
Meanwhile, the Centre told has state governments to be proactive and on the lookout for surges of the Omicron coronavirus variant after cases nearly doubled within a week.
