Sensex rises over 400 points; Nifty tops 19,750; Tata Motors DVR, Adani Green & Olectra Greentech jump up to 15%

Indian equity benchmarks rose sharply in Wednesday's trade, led by gains in consumer goods, energy, technology, metals and automobile stocks. The 30-share BSE Sensex pack surged more than 400 points to trade above 66,750, while the broader NSE Nifty moved over 100 points higher to cross 19,750 level. Mid- and small-cap shares were positive as Nifty Midcap 100 moved 0.34 per cent higher and small-cap climbed 0.31 per cent.

On the global front, Asian markets were subdued today. Overnight, Wall Street equities closed higher, ahead of an expected 25 basis points (bps) rate hike by the US Federal Reserve later in the day.

Back home, 12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty FMCG, Nifty Oil & Gas, Nifty IT, Nifty Metal and Nifty Auto were outperforming the NSE platform by rising as much as 0.80 per cent, 0.74 per cent, 0.46 per cent, 0.40 per cent and 0.58 per cent, respectively. Nifty Financial Services and Nifty Media were seen trading lower.

Foreign institutional investors (FIIs) bought Rs 1,089 crore of Indian equities on a net basis during the previous session, while domestic investors sold Rs 334 crore of shares, as per provisional NSE data.

On the stock-specific front, L&T was the top gainer in the Nifty pack as the stock gained 4.12 per cent to trade at Rs 2,666.50. Reliance Industries, ITC, UPL and Tata Consumer Services rose up to 1.69 per cent.

In contrast, SBI Life, Divi's Labs, Apollo Hospitals, Cipla and ONGC were among the top laggards.

The overall market breadth was positive as 1,856 shares were advancing while 995 were declining on BSE.

On BSE, index heavyweights such as Reliance, Infosys, L&T and ITC were among the major contributors to the rise.

Also, Tata Motors DVR, Adani Green Energy, Olectra Greentech and JK Tyre surged up to 14.56 per cent. In contrast, AGI Greenpac, Can Fin Homes, Triveni Engineering, Suzlon Energy and Kei Industries fell up to 10 per cent.

Nifty outlook

"As maintained in the last two days, reclaiming of 19,770-19,840 region is critical for Nifty towards resuming the 20,160 trajectories. Until then, Nifty could continue show tendencies to resume the ongoing slide with eyes on 19,460. However, fall in VIX as well as a hammer candlestick pattern formed yesterday, raises the hopes that the downtrend that has been on since coming close to 20,000 last week, is about to reverse. Towards this end, we will look to play upsides while above 19,675, with downside marker at 19,620," said Anand James, Chief Market Strategist at Geojit Financial Services.

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