Sensex snaps two-day losing streak, gains 260 points; RIL ends at fresh high
The Sensex ended at 35,547, up 260.59 points, while the Nifty closed at 10,772, up 61.60 points. The BSE Midcap added 0.2 per cent, while the BSE Smallcap indices gained 0.3 per cent.
The Sensex and Nifty ended higher on Wednesday despite lingering trade tensions between the United States and China that roiled markets in previous sessions, with index heavyweight Reliance Industries and financial stocks leading the gainers.
The Sensex ended at 35,547, up 260.59 points, while the Nifty closed at 10,772, up 61.60 points. The BSE Midcap added 0.2 per cent, while the BSE Smallcap indices gained 0.3 per cent.
Market breadth, indicating the overall health of the market, turned marginally negative. On the BSE, 1,314 stocks declined, 1,309 stocks rallied, while 142 stocks remained unchanged.
Experts believe investor sentiment got a boost after the Reserve Bank yesterday announced purchase of government securities of up to Rs 10,000 crore on June 21 to help in liquidity management.
"Despite trade tensions the market traded in a positive note by snapping two days of down trend on the back of positive global peers. Rupee gained as oil price remained in the recent low ahead of OPEC meeting on Friday. Bank nifty outperformed due to a slide in 10 yr yield after RBI’s announcement of open market purchase. The continuing uncertainty on trade tariff is likely to act as a cap in the gain," said Vinod Nair, Head of Research, Geojit Financial Services.
HDFC Bank and Housing Development Finance Corprose for a second straight session, while shares of oil-to-telecom conglomerate Reliance Industries hit a record closing high of Rs 1019.95.
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The top gainers on the Sensex were Reliance Industries, IndusInd Bank, Vedanta and Yes Bank, whereas Coal India, ONGC, Coal India, Larsen and Toubro (L&T) ITC, and Wipro were the major losers.
On the Nifty, Reliance Industries, IndusInd Bank, Tata Steel and Kotak Bank were the highest gainers while UPL, Hindustan Petroleum and Indian Oil Corp and ONGC lost the most.
Domestic institutional investors (DIIs) bought shares worth a net Rs 653.68 crore while foreign portfolio investors (FPIs) sold equities to the tune of Rs 1,324.92 crore yesterday, as per provisional data.
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