Mumbai: Benchmark stock indices Sensex and Nifty bounced back sharply on Wednesday after three straight days of slump following a rally in global peers and value-buying in metal, IT and oil shares at lower levels.
The 30-share BSE Sensex rallied 874.94 points or 1.11 per cent to settle at 79,468.01 with 25 of its constituents ending with gains and five with losses. During the day, it jumped 1,046.13 points or 1.33 per cent to 79,639.20. The NSE Nifty jumped 304.95 points or 1.27 per cent to 24,297.50.
Intra-day, it surged 345.15 points or 1.43 per cent to 24,337.70. Among Sensex firms, Adani Ports & SEZ rose the most by 3.42 per cent. Power Grid climbed 3.39 per cent, Tata Steel by 2.4 per cent and JSW Steel by 2.61 per cent. Infosys, HDFC Bank, ITC, Reliance Industries, Mahindra & Mahindra, Maruti, and Larsen & Toubro also advanced.
IndusInd Bank, Bharti Airtel, Hindustan Unilever, Tech Mahindra and Titan were the laggards. “Global markets experienced a notable rebound after the BoJ’s Deputy Governor reassured that the central bank would not raise interest rates during a period of financial instability. The Indian market also witnessed broad-based buying across sectors, with the realty sector seeing a relief rally due to the reinstatement of indexation benefits,” said Vinod Nair, Head of Research, Geojit Financial Services.
In the broader market, the BSE midcap gauge jumped 2.63 per cent and smallcap index climbed 2.39 per cent. All indices ended in the positive territory. Oil and Gas jumped 3.75 per cent, metal surged 3.44 per cent, energy (3.32 per cent), capital goods (2.89 per cent), telecommunication (2.80 per cent), services (2.53 per cent), commodities (2.49 per cent), healthcare (2.03 per cent).