Bourses rally over 1% powered by heavy buying in IT, banking and oil & gas stocks
The rupee appreciates by 21 paise to close at 83.12 against the US dollar
Benchmark equity indices Sensex and Nifty jumped more than 1 per cent on Wednesday following heavy buying in IT, banking and oil & gas shares amid a global stocks rally on softer US inflation data.
An encouraging US inflation data has raised hopes for an end to interest rate hikes by the Federal Reserve.
The 30-share BSE Sensex jumped 742.06 points or 1.14 per cent to settle at nearly a four week’s high of 65,675.93. During the day, it zoomed 813.78 points or 1.25 per cent to 65,747.65. As many as 27 Sensex shares closed in the green while three in the red.
Investors’ wealth surged Rs 3.29 lakh crore on Wednesday, driven by a robust rally in the equity markets.
The market capitalisation of BSE-listed firms rallied Rs 3,29,520.27 crore to reach Rs 3,25,40,108.97 crore.
The Nifty50 of National Stock Exchange climbed 231.90 points or 1.19 per cent to 19,675.45.
Among the Sensex firms, Tech Mahindra rose the most by 3.77 per cent. Tata Motors, Infosys, Wipro, Tata Steel, Tata Consultancy Services, Reliance Industries and Axis Bank were the major gainers.
In the broader market, the BSE smallcap gauge jumped 1.13 per cent and midcap index climbed 0.91 per cent.
All indices ended in the green, with realty zooming 2.97 per cent, IT rallying 2.29 per cent, teck jumping 2.12 per cent, auto climbing 1.65 per cent, oil & gas (1.55 per cent) and energy (1.41 per cent).
The rupee appreciated 21 paise to close at 83.12 against the US dollar on Wednesday as the American currency retreated from its elevated levels after the US inflation came lower than expected.
Global oil benchmark Brent crude declined 0.78 per cent to $81.83 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,244.44 crore on Tuesday, according to exchange data.
