Sensex, Nifty End Higher Led By Auto, Energy, Bank Stocks: Market Wrap
The Sensex closed 124 points, or 0.21%, higher at 60,346.09, while the Nifty 50 gained 43 points, or 0.24%, to end at 17,754.40.
India's benchmark stock indices ended higher on Wednesday after rebounding in late trade, led by gains in auto, energy, and bank stocks.
The indices had opened down, tracking the decline in global equities as risk appetite had taken a hit after U.S. Federal Reserve Chairman Jerome Powell's testimony before the Senate brought back worries that the world's largest economy won't be able to avoid a recession. Powell said his office was ready to hike rates further if inflation continues to remain high.
The S&P BSE Sensex closed 124 points, or 0.21%, higher at 60,346.09, while the NSE Nifty 50 gained 43 points, or 0.24%, to end at 17,754.40.
ITC Ltd., Larsen and Toubro Ltd., IndusInd Bank Ltd., ICICI Bank Ltd., and Reliance Industries Ltd. were the top gainers among the Nifty 50.
Infosys Ltd., Bajaj Finance Ltd., Kotak Mahindra Bank Ltd., Hindalco Industries Ltd., and Sun Pharmaceutical Industries Ltd., were the laggards on the index.
The broader market indices were trading marginally higher, with the S&P BSE MidCap rising 0.61% and the S&P BSE SmallCap gaining 0.28%.
Thirteen out of 20 sectors compiled by BSE Ltd. advanced while seven declined in trade.
The market breadth was in favour of the buyers. About 1,954 stocks rose, 1,517 declined, and 125 remained unchanged on the BSE.
Shares of all Adani Group companies ended with gains.
The Adani Group said its promoters have prepaid debt worth Rs 7,374 crore, or $902 million, backed by shares of four group companies, ahead of its latest maturity in April 2025.
Also, the National Stock Exchange has moved Adani Enterprises Ltd. out of the short-term additional surveillance measure.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.