It was a mild day for the Indian benchmark indices on Wednesday, with Nifty 50 gaining for the sixth day in a row, despite it being marginal, and Sensex marking a 123-point before closing at 82,515.14.
The 30-share BSE Sensex rose by 123.42 points or 0.15 per cent to settle at 82,515.14. During the day, it climbed 391.79 points or 0.47 per cent to 82,783.5.
The 50-share NSE Nifty, meanwhile, ended 37.15 points or 0.15 per cent up at 25,141.40, marking its sixth straight day of gains. In the six sessions to Wednesday, Nifty gained 598 points or 2.42 per cent.
While frontline indices closed on a positive note, the broader market lagged, with Nifty Midcap index ending 293 points lower at 59,388, and the Nifty Bank falling 169 points to 56, 460.
The mixed notes on Wednesday were also marked by gains in IT, oil, and gas stocks, but dragged down by financials. Oil marketing companies gained between 3 percent and 4 per cent following the US Energy Information Administration (EIA) projected Brent crude oil prices to fall to $59 by 2026. Oil India surged 7 per cent following a brokerage note forecasting an 80% earnings growth over the next three years. Sula Vineyards also rallied 8 per cent after the Maharashtra government exempted wine from the recent excise duty hike.
“The valuations for BSE stock were a stretch. Markets always love an excuse to kind of book profits. And this whole thing about options volumes coming down very progressively and suddenly – this drastic thing from the 3rd to the 10th of June, my sense is, it is primarily driven by a lot of the hedge funds getting investigated for whatever misdoings were reported or were heard of in that space. So, if that were the case, I’m sure they would pull back from the market for at least this week,” said Prakash Diwan, market expert, on BSE’s performance.
From the Sensex pack, HCL Tech, Infosys, Tech Mahindra, Reliance Industries, Bajaj Finserv, ICICI Bank, Tata Motors and Eternal were the lead gainers.
Power Grid, Adani Ports, IndusInd Bank, Nestle, HDFC Bank and Hindustan Unilever were among the laggards.
"Profit-booking continues in the broader markets, driven by elevated domestic valuations. However, large-cap resilience is supporting the indices, with institutional investors favouring companies with stable earnings outlooks. Auto and IT sectors remain in focus - auto stocks are gaining on improved monthly sales, while IT shares are benefiting from optimism around a potential US-China trade resolution," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in the positive territory. European equity markets were trading higher. US markets closed higher on Tuesday.
Foreign Institutional Investors (FIIs) bought equities worth ₹2,301.87 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude climbed 0.43 per cent to USD 67.16 a barrel.
Follow us
