Stock Market Today: Nifty, Sensex Rebound After Three-Day Slump As HDFC Bank Lead

• Rupee closed flat at 83.95 against the US dollar.

• The currency hit a record low of 83.98 during the session.

• It closed at 83.96 on Tuesday.

Source: Bloomberg

• The NSE Nifty 50 Index and BSE Sensex reversed a three-day declining streak.

• The benchmarks also logged the best intraday gains in eight session.

• The NSE Nifty Pharma scaled a fresh high of 22,008.00.

• HDFC Bank Ltd., Infosys were the top leader in the Nifty 50 index

• Metal, Oil and Gas sectors were top winners, while bank sector emerged as the top loser

• Broader markets outperformed with the NSE Nifty Midcap 150 and Nifty Smallcap 250 ending 2.20% and 2.39% higher, respectively.

Benchmarks snapped a three-day losing streak on Wednesday, and post the best session in eight days as heavyweight HDFC Bank Ltd., Infosys Ltd. rose.

The NSE Nifty 50 ended 322.70 points or 1.34% higher at 24,315.25, and the BSE Sensex ended 874.94 points or 1.11% higher at 79,468.01.

Intraday, the Nifty 50 rose as much as 1.44% to a high of 24,337.70, and the BSE Sensex rose 1.335 to a high of 79,565.40.

After two days of correction, the Nifty 50 has formed a green candle but its long-legged DOJI pattern indicates indecisiveness still. We believe that 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 Shares.

HDFC Bank Ltd., Infosys Ltd., Oil and Natural Gas Corp Ltd., Larsen & Toubro Ltd., and Coal India Ltd. added to the index.

IndusInd Bank Ltd., Bharti Airtel Ltd., Hindustan Unilever Ltd., Tech Mahindra Ltd., and Eicher Motor Ltd. limited losses in the index.

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 2.4% up.

All 20 sectoral indices on the BSE rose. BSE Oil & Gas was the top gainer.

Market breadth was skewed in the favour of buyers. As many as 2,988 stocks rose, 945 declined, and 98 remained unchanged on the BSE.

• Net profit rose 24.2% at Rs 287 crore vs Rs 231 crore

• Revenue rose 1.3% at Rs 1,342 crore vs Rs 1,325 crore

• Ebitda rose 33% at Rs 407 crore vs Rs 306 crore

• Margin at 30.3% vs 23%

• Revenue rose 7.2% at Rs 3,428 crore vs Rs 3,196 crore

• Ebitda rose 22.83% at Rs 359 crore vs Rs 292 crore

• Margin at 10.5% vs 9.1%

• Net loss of Rs 215 crore vs loss of Rs 162 crore