Equity benchmark indices underwent a resurgence on the latest trading day, witnessing Nifty attaining an unprecedented pinnacle and Sensex catapulting over 500 points skyward, fueled by a fervent surge in investments within the realms of IT, automotive, and technology stocks.
Embarking on a volatile trajectory initially, the equity market executed a noteworthy recovery during the latter half of the day, particularly after 2:30 pm. The 30-share benchmark Sensex exhibited a robust ascent of 535.15 points or 0.74%, concluding the session at 73,158.24 points.
Noteworthy is the fact that 22 constituents of the Sensex concluded the session in the positive domain, with the index reaching an intra-day zenith of 73,256.39 points.
In parallel, the broader Nifty experienced an upward climb of 162.40 points or 0.74%, culminating in an unprecedented closing milestone of 22,217.45 points.
Within the intra-day trading span, the index reached the apogee of 22,252.50 points, with 25 Nifty constituents culminating the session with commendable gains.
“The domestic market orchestrated a rebound from the day’s nadir, propelled by encouraging PMI data emanating from the Eurozone and a commendable earnings report from US tech stocks.
“The overarching market resilience was underscored by the sustained expansion of India’s economic activities in February, as both service and manufacturing PMI exhibited improvement. Consequently, this translated into the outperformance of discretionary stocks and capital goods,” remarked Vinod Nair, Head of Research at Geojit Financial Services.
The BSE Midcap index exhibited a gain of 0.92%, the largecap index ascended by 0.81%, and the smallcap index marked a rise of 0.54%.
Among the Sensex ensemble, HCLTech recorded the most significant uptick at 3.12%, followed by ITC with a gain of 2.73%, and M&M ascending by 2.61%. TCS also experienced an ascent of 2.44%.
Tech Mahindra, Wipro, L&T, and Maruti emerged as notable gainers in the market.
However, the banking sector witnessed a downturn, with stocks of major banks concluding in the negative realm, led by a 1.87% fall in IndusInd Bank. HDFC Bank, Kotak Mahindra Bank, and SBI registered declines of 1.28%, 1.11%, and 0.73%, respectively.
In the panorama of other securities, Hindustan Unilever, Bharti Airtel, and Bajaj Finance concluded the day on a negative note.
Beyond the Indian market, the Asian landscape saw Japan’s Nikkei 225 scaling over 2%, reaching an all-time high reminiscent of 1989. Hang Seng in Hong Kong and China’s Shanghai Composite also concluded with substantial gains.
Simultaneously, European stocks predominantly engaged in positive trajectories.
A day prior, US stocks concluded on a predominantly bullish note following the release of minutes from the US Federal Reserve’s January meeting, revealing widespread apprehension among policymakers regarding the risks associated with premature interest rate cuts.
Wednesday marked the conclusion of the six-day winning streak for both Sensex and Nifty. Sensex incurred a decline of 434.31 points, settling at 72,623.09 points, while Nifty witnessed a downturn of 141.90 points, culminating at 22,055.05 points.
Foreign Institutional Investors (FIIs) exhibited a net-positive stance on Wednesday, with acquisitions of securities amounting to ₹284.66 crore.