Sensex ends 169 pts up after fag-end rally

Mumbai: Equity indices defied gravity for the tenth session on the trot on Wednesday as a fag-end rally in banking and financial counters helped offset profit-booking in IT stocks.

The 30-share BSE Sensex opened on a weak note but gained ground in the last hour of trade to finish at 40,794.74, up 169.23 points or 0.42 per cent.

Similarly, the broader NSE Nifty rose 36.55 points or 0.31 per cent to 11,971.05.

Bajaj Finserv led the Sensex gainers chart, spurting 3.87 per cent, followed by Bajaj Finance, ICICI Bank, IndusInd Bank, SBI, Tata Steel, Axis Bank, L&T and HDFC.

On the other hand, NTPC, ONGC, PowerGrid, Tech Mahindra, Infosys, ITC and HCL Tech were among the major laggards, dropping up to 4.35 per cent.

Announcing its results post market hours, Infosys said its consolidated net profit grew by 20.5 per cent to Rs 4,845 crore for the September quarter, while it has raised revenue forecast to 2-3 per cent for FY21.

"Initially, the benchmark indices opened in red on the back of unsupportive global cues. Besides, the news of IMF lowering its growth forecast for India for the second time in four months was also weighing on the sentiment. However, a sudden surge mainly in the banking and financial counters changed the tone and helped Nifty to pare all its losses and close near 11,970 levels. On the flip side, IT, oil and gas and power traded subdued.

Meanwhile, international oil benchmark Brent crude was trading 0.09 per cent lower at $42.41 per barrel.

In the forex market, the rupee edged 4 paise higher to close at 73.31 against the

US dollar.