India's benchmark equity indices erased their earlier losses to close higher for the second consecutive day on Wednesday, on the back of gains in SBI.
The Nifty ended 106.80 points, or 0.49%, higher at 21,850.05, and the Sensex gained 277.98 points, or 0.39%, to close at 71,833.17. Intraday, the Nifty fell 0.98% and the Sensex fell 1.04%.
On daily charts, it has formed a long bullish candle, which is largely positive. We are of the view that the current market texture is non-directional, hence level-based trading would be the ideal strategy for day traders, said Shrikant Chouhan, head of equity research at Kotak Securities.
Shares of State Bank of India, Reliance Industries Ltd., Axis Bank Ltd., ITC Ltd., and Bharat Petroleum Corp. Ltd., contributed the most to the gains.
Whereas, those of HDFC Bank Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Sun Pharmaceutical Industries Ltd., and Tech Mahindra Ltd., capped the upside.
Most sectoral indices closed higher except Nifty Pharma and Nifty IT. Nifty PSU Bank and Nifty Oil & Gas jumped over 3%.
On BSE, 17 out of 20 sectors gained, while three fell. The S&P BSE Energy rose the most among sectoral indices, while the S&P BSE IT index fell the most.
Broader markets ended higher on BSE. The S&P BSE Midcap rose 1.39%, and the S&P BSE Smallcap rose 1.24%.
Market breadth was skewed in favour of the buyers. Around 2,426 stocks rose, 1,425 stocks declined, and 87 remained unchanged on BSE.
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