Mumbai: Indian stock markets closed higher on Wednesday for the third straight session. Late buying in banking, metal and FMCG shares helped lift the indices after a cautious start.
The 30-share BSE Sensex rose 283.29 points or 0.34 per cent to close at 83,734.25. During the day, it touched a high of 83,770.05.
The 50-share NSE Nifty gained 93.95 points or 0.37 per cent to settle at 25,819.35.
Banking, Metal Shares Lead Gains
Among the top gainers were Tata Steel, ITC, Axis Bank, Reliance Industries, Larsen & Toubro, Bajaj Finance, Hindustan Unilever, State Bank of India and UltraTech Cement.
However, some stocks ended lower. These included Tech Mahindra, Infosys, HCL Technologies, Tata Consultancy Services, Adani Ports, Maruti Suzuki India and HDFC Bank.
According to Vinod Nair of Geojit Investments Ltd, markets saw a late surge due to broad buying across sectors. Banking and financial stocks remained strong due to stable asset quality expectations. Selective buying in FMCG stocks also supported gains.
On the other hand, IT stocks continued to underperform due to concerns about artificial intelligence disruption and pressure on profit margins.
Global Cues and Institutional Buying
In Asia, Japan’s Nikkei 225 index ended 1 per cent higher. Markets in China, Hong Kong and South Korea were closed due to Lunar New Year holidays. European markets were trading higher in mid-session deals, while US markets had closed in positive territory on Tuesday.
Foreign institutional investors bought shares worth Rs 995.21 crore on Tuesday. Domestic institutional investors also purchased equities worth Rs 187.04 crore.
Brent crude oil prices rose 0.33 per cent to USD 67.64 per barrel.
On Tuesday, the Sensex had gained 173.81 points to close at 83,450.96, while the Nifty rose 42.65 points to settle at 25,725.40.
