Markets on the mend
The Sensex climbed 284 points while the Nifty finished above the 10000-mark on Wednesday as investors were ready to take risks as global cues remained supportive.
Banking and finance counters saw heavy demand, helping the benchmarks to close in the green for the sixth straight session.
After hitting a peak of 34488.69, the 30-share BSE Sensex shed some gains in the fag-end trade to finish at 34109.54, up 284.01 points, or 0.84 per cent.
Similarly, the NSE Nifty jumped 82.45 points, or 0.83 per cent, to end at 10061.55. The index closed above the crucial 10000-level for the first time since March 11, 2020.
M&M was the top gainer in the Sensex pack, spurting 4.82 per cent, followed by Kotak Bank, Bajaj Finance, SBI, Nestle India, ICICI Bank, ONGC and HDFC Bank.
On the other hand, NTPC, Bharti Airtel, Maruti and Hero MotoCorp were among the laggards, slipping up to 2.12 per cent.
Global markets soared to three-month highs as investors cheered the gradual reopening of economies the world over, even as the rising coronavirus cases and US-China tensions remained an overhang.
The domestic markets were also aided by robust foreign fund inflows, analysts said. On a net basis, foreign portfolio investors bought equities worth Rs 7,498.29 crore on Tuesday, provisional exchange data showed.
“The buoyancy of the global markets triggered gap up opening and it traded range-bound thereafter. However, profit-taking in the last hour trimmed the gains.
“Sectors such as metal, banking, and capital goods were the top gainers, while sectors such as IT and telecom ended in the red,” said Ajit Mishra, VP-research, Religare Broking.
Even as India’s service sector activities declined sharply in May, services in China recovered to pre-epidemic levels last month, buoying markets across Asia. Bourses in Shanghai, Hong Kong, Tokyo and Seoul closed up to 2 per cent higher.
Exchanges in Europe were also trading on a positive note in early deals.
On the currency front, the rupee surrendered all intra-day gains to provisionally settle 11 paise lower at 75.47 against the dollar.