Domestic equity indices on Wednesday closed in the green on the back of automobile and FMCG stocks. The benchmark Sensex closed at 77,496 with a gain of almost 0.8 percent, or 609 points, while Nifty ended higher by 0.76 percent to close 181 points above Tuesday’s close.
Out of almost 3,394 stocks traded on the National Stock Exchange, almost half of them ended higher than their previous close.
The modest gains in the indices came after a day of losses on Tuesday, when stocks shed the gains of the previous day due to selling pressure in IT and banking stocks.
The rise and fall of equities, instead of following a predictable trajectory, reflect the uncertainty that has gripped markets as the situation remains unchanged on the war front.
While a ceasefire is in place between the United States and Iran, the energy crisis has not abated, with the Strait of Hormuz remaining closed.
Oil prices have climbed past the $115 per barrel mark, adding pressure to the market. However, value buying lifted the benchmarks.
While Wednesday’s gains were supported by automobile stocks in early trade, cigarette stocks took over in the afternoon session.
Nifty FMCG, Nifty Realty, and Nifty Auto gained the most among the 19 sectoral indices, climbing over 1.75 percent, 1.48 percent, and 1.15 percent, respectively.
The jump in auto and FMCG stocks came on the back of Maruti Suzuki’s March quarter results and reports of a possible cigarette price hike from May.
Out of the 19 sectoral indices, 14 ended in the green, while five posted losses.
ITC ended the day as the top performer in the Nifty 50 pack, gaining 3.8 percent on reports of a cigarette price hike.
Automobile companies like Maruti Suzuki, Mahindra & Mahindra, and Eicher Motors also added to the benchmarks’ gains.
IT stocks like Tech Mahindra, TCS, and Infosys also posted modest gains.
Banking stocks dominated the losers’ chart, with ICICI Bank, HDFC Bank, and State Bank of India among the top losers in the Nifty 50 pack.
The stock of IndiGo, however, topped the losers’ chart.
