Sensex Nifty Rebound After Three-Day Slump, Log Best Day In Eight Sessions: Market Wrap
Nifty ended 1.34% higher at 24,315.25, and Sensex ended up 1.11% at 79,468.01.
Indian benchmark stock indices snapped a three-day losing streak on Wednesday and posted the best session in eight days as heavyweights HDFC Bank Ltd. and Infosys Ltd. led gains.
The NSE Nifty 50 ended 322.70 points, or 1.34% higher at 24,315.25, and the S&P BSE Sensex ended up 874.94 points, or 1.11% at 79,468.01.
Intraday, Nifty rose as much as 1.44% to a high of 24,337.70, and Sensex rose 1.335% to a high of 79,565.40.
After two days of correction, Nifty has formed a green candle but its long-legged DOJI pattern indicates indecisiveness still. As long as the index holds its support level of 23,960, there is a chance to soar higher to 24,550, followed by 24,700, said Aditya Gaggar, director, Progressive Share Brokers Pvt.
Shares of HDFC Bank Ltd., Infosys Ltd., Oil and Natural Gas Corp., Larsen & Toubro Ltd., and Coal India Ltd. positively contributed to changes in the Nifty.
While those of IndusInd Bank Ltd., Bharti Airtel Ltd., Hindustan Unilever Ltd., Tech Mahindra Ltd., and Eicher Motor Ltd. limited losses.
On the NSE, all sectors ended in green, with the NSE Nifty Oil & Gas emerging as the top gainer.
Broader markets outperformed. BSE Midcap ended 2.6% higher and BSE Smallcap closed up 2.4%.
All 20 sectoral indices on the BSE rose. BSE Oil & Gas was the top gainer.
Market breadth was skewed in favour of buyers. As many as 2,988 stocks rose, 945 declined, and 98 remained unchanged on the BSE.
