Mumbai. Amid strong global trends, local stock markets closed with gains for the third consecutive session on Wednesday due to buying in shares of banks, metal and FMCG companies. Sensex rose 283 points while Nifty gained 94 points. BSE’s benchmark index Sensex based on 30 shares rose 283.29 points or 0.34 percent to close at 83,734.25 points.
At one time during trading it had reached a high of 83,770.05 points. At the same time, NSE’s 50-share standard index Nifty increased by 93.95 points or 0.37 percent and closed at 25,819.35 points. Among the Sensex companies, shares of Tata Steel, ITC, Axis Bank, Reliance Industries, Mahindra & Mahindra, Larsen & Toubro, Bajaj Finance, Hindustan Unilever and State Bank of India were major gainers.
On the other hand, shares of Infosys, HCL Tech, Tata Consultancy Services, Adani Ports, Asian Paints, Maruti Suzuki India and HDFC Bank declined. Vinod Nair, Head of Research, Geojit Investments Ltd, said, “After a cautious start, widespread buying in the last hour led to the rise in the market.
Banking and financial stocks remained strong on expectations of stable asset quality, while select FMCG stocks led by buying led to better performance. Nair said the IT sector remained under pressure due to fears of widespread disruption and margin pressure due to AI.
Nifty 500 companies’ Q3 results coming in line with estimates indicate domestic economic stability in the medium term. Elsewhere in Asia, Japan’s Nikkei closed up one percent, while markets in China, Hong Kong and South Korea were closed for the traditional Lunar New Year holiday. European markets were trading higher in afternoon trading.
American markets closed with gains on Tuesday. According to stock market data, foreign institutional investors (FIIs) bought shares worth Rs 995.21 crore on Tuesday while domestic institutional investors (DIIs) bought shares worth Rs 187.04 crore. Meanwhile, global oil benchmark Brent crude rose 0.33 percent to $67.64 per barrel. On Tuesday, Sensex rose 173.81 points to 83,450.96 and Nifty rose 42.65 points to close at 25,725.40.
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