Equity benchmarks log 4th day of rally on buying in HDFC Bank
Equity benchmark indices Sensex and Nifty ended in the positive territory on Wednesday on buying in HDFC Bank and a largely firm trend in Asian markets.
Fag-end buying helped the BSE Sensex climb 100.26 points or 0.15 per cent to settle at 65,880.52. During the day, it had declined 292.23 points or 0.44 per cent to 65,488.03.
The Nifty advanced 36.15 points or 0.18 per cent to end at 19,611.05.
From the Sensex pack, Bharti Airtel, HDFC Bank, Titan, ITC, UltraTech Cement, Sun Pharma, Bajaj Finserv, Bajaj Finance, Hindustan Unilever and Kotak Mahindra Bank were among the major gainers.
Tata Steel, Axis Bank, IndusInd Bank, NTPC and ICICI Bank were the major laggards.
"Markets traded volatile and ended marginally higher, in continuation to the prevailing recovery phase. After the flat start, Nifty inched gradually lower in the first half, however a strong rebound in select heavyweights pared all the loss," Ajit Mishra, SVP - Technical Research, Religare Broking Ltd, said.
In the broader market, the BSE midcap gauge climbed marginally by 0.13 per cent while smallcap index skidded 0.04 per cent.
Among the sectoral indices, telecommunication jumped 1.69 per cent, FMCG climbed 1.05 per cent, consumer durables (0.89 per cent), healthcare (0.69 per cent) and energy (0.67 per cent).
Commodities, financial services, industrials, IT, bankex, capital goods metal and realty were the laggards.
"A spike in crude oil reverberated across the globe, reviving concerns about inflation and sparking fears of a Fed rate hike. This led to a surge in US bond yields, causing investors to shift towards the safety of bonds and reversing the buying trend of foreign investors in the domestic market. Nevertheless, the resilience of the domestic markets shone through as investors placed their bets on an improved outlook, ultimately helping the market recover from the initial shock," said Vinod Nair, Head of Research at Geojit Financial Services.
In Asian markets, Tokyo, Shanghai and Hong Kong ended in the green while Seoul settled lower.
European equity markets were trading lower. The US markets ended in the negative territory on Tuesday.
Global oil benchmark Brent crude declined 0.70 per cent to USD 89.41 a barrel.
