The Indian market ended higher for the second straight session today. Sensex climbed 632 points to 54,884 and Nifty gained 182 points higher at 16,352. NTPC, Bharti Airtel, PowerGrid, Tata Steel, and Reliance Industries were the top Sensex losers, falling up to 2.43 percent.
Of 30 Sensex stocks, 23 ended higher. BSE mid-cap and small-cap indices gained 374 points and 303 points, respectively.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "Market data indicate that the weakness in the US market is coming to an end. The Fed minutes suggest pausing by year-end after front-loading rate hikes. Also, there are indications of the US economy slowing down which will enable the Fed to be less hawkish than the market discounted."
"FPI selling, the main trigger for the market weakness in India, is showing signs of exhaustion. DII and retail buying and overwhelming FPI selling along with short covering can trigger a near-term rally. High-quality large caps. The market can stage a rally. Leading banks are safe bets," he added.
Among BSE sectoral indices, IT and banking shares were the top gainers, with their indices rising 676 points and 549 points, respectively. The market cap of BSE-listed firms rose to Rs 253.12 lakh crore on BSE.
Here's a look at the top five Sensex gainers in today's trade.
Tech Mahindra: The stock of the IT major closed 4.10 per cent higher at Rs 1,123 on BSE. The market cap of the firm rose to Rs 1.09 lakh crore. The stock touched an intraday high of Rs 1126, rising 4.33 percent on BSE.
IndusInd Bank: The banking stock ended 3.23 per cent higher at Rs 926. The stock touched an intraday high of Rs 926.35, rising 3.27 percent on BSE. Market cap of the firm rose to Rs 71743 crore.
Wipro: The large-cap stock ended 2.98 percent higher at Rs 466.95 against the previous close of Rs 453.45. The market cap of the firm rose to Rs 2.55 lakh crore. The stock touched an intra day high of Rs 467.55, rising 3.11 percent on BSE.
Bajaj Finance: The stock ended 2.98 per cent higher at Rs 5993.65. It opened at Rs 5915 today. The market cap of the firm rose to Rs 3.64 lakh crore.
M&M: The stock closed 2.67 per cent higher at Rs 953.20 on BSE. It rose up to 3.18 percent to Rs 957.95 against the previous close of Rs 928.45. Market cap of the firm climbed to Rs 1.18 lakh crore.
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