The stock market indices closed in green at the close of trading hours on the bourses. Auto, pharma, IT, oil & gas indices jumped 1-2 percent each. BSE midcap and smallcap indices ended in the green.
The Sensex was up 574.35 points or 1.02 percent at 57,037.50. The broader Nifty was up 177.80 points or 1.05 percent at 17,136.50. About 1,716 shares have advanced, 1,593 shares declined, and 111 shares are unchanged.
Among top gainers were BPCL, Tata Motors, Shree Cements, UltraTech Cement and Eicher Motors. Bajaj Finance, ICICI Bank, Bajaj Finserv, JSW Steel and ONGC were among top laggards.
Only 10 of the 30 scrips that are part of the Sensex close in the red. Bajaj Finance slumped 3.35 percent to Rs 7032.35. ICICI Bank slipped 1.45 per cent to Rs 755.55. Bajaj Finserv, Tata Steel, ITC, L&T, State Bank of India and Power Grid Corporation were among the major Sensex losers.
Benchmark indices regained some momentum on Wednesday after a sharp sell-off in the previous session, with Sensex and Nifty 50 ended a session with gains, aided by gains in energy and auto stocks with Private-sector lender HDFC Bank rose 1 percent, after sliding for nine consecutive sessions, said Mohit Nigam, Head - PMS, Hem Securities. European shares rose on Wednesday after a few positive earnings reports lifted sentiment, while worries over the Ukraine war, slowing growth and rising yields kept gains in check. Nifty 50 closed its day above the good resistance zone of 17,000 and if index holds above 17,000 mark for coming trading sessions then we may see more upward move towards 17,500-17,800 mark which are another resistance zone on the upside. The market breadth was skewed slightly in the favour of bulls. Crucial support for Nifty 50 is 17,000 while Nifty may face some resistance at 17,500.
Prashanth Tapse, Vice President (Research), Mehta Equities Ltd, said, Nifty snapped its five-day losing streak and settled higher on positive clues in the global markets. Index-heavy weight Reliance Industries today pulled the markets as it touched its all-time-high at 2751 mark. With ongoing earning seasons, the mood on the street is still cautious with rising interest rates in the US, with the 10-year Treasury reaching 2.948 percent in overnight trade as it marches toward a 3% threshold last crossed in late 2018. Meanwhile, Russia's sudden re-grouping of troops and tanks in the Donbas region continues to create fear on the traders
Nifty will now aim hard to move above its 200- DMA at the 17177 mark. It needs to close successively above its 200 DMA at the 17177 mark to bring bulls back in action. Meanwhile, a close above the 17621 mark will be an invalidation of Nifty’s medium-term bearish thesis. Until then, caution will continue to be the buzzword for perma-bulls. The street will spy with one big eye if Nifty is able to weather hawkish tunes from the Federal Reserve. All eyes will be on Fed’s beige book which will trickle in later in the evening, Tapse added.
Rupee surges 29 paise
The rupee appreciated 29 paise to settle at 76.21 (provisional) against the US dollar on Wednesday, tracking positive domestic equities and some moderation in crude oil prices.
At the interbank forex market, the domestic unit opened at 76.41 against the US dollar and touched an intra-day high of 76.16 and finally closed at 76.21, registering a rise of 29 paise over its previous close.
On Tuesday, the rupee had dropped 21 paise to close at 76.50.