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Sensex ends 232 points higher, Nifty at 9,270 on positive global cues; telecom, banking stock rally 2%

Sensex ends 232 points higher, Nifty at 9,270 on positive global cues; telecom, banking stock rally 2%

Shares of Astec Lifesciences, TCI Developers, and NIIT Technologies each locked at 20% upper circuit after reporting Q4 earnings. The share price of Rallies India and Adani Enterprises fell 8% and 3% intraday, post results. Where Adani Ports and Tata Coffee rose 4% intraday post-earnings, JM Financial shares gained 13% pre-result.

Sectorally, losses in FMCG, IT, consumer durables space were capped by gains in rate-sensitive banking, auto, realty, and telecom sector Sectorally, losses in FMCG, IT, consumer durables space were capped by gains in rate-sensitive banking, auto, realty, and telecom sector

Amidst volatile trade, Indian benchmarks Sensex and Nifty ended higher on Wednesday, tracking firm cues from global peers. Reversing previous session losses, the BSE Sensex closed 232 points higher at 31,685, and Nifty climbed 65 points to settle at 9,270.

Sectorally, losses in FMCG, IT, consumer durables space were capped by gains in rate-sensitive banking, auto, realty, and telecom sector.

In today's trade, oil stocks such as BPCL, IOC, Asian Paints were among the top losers, falling in the range of 1-8%, due to the hike in excise duty and rise in crude prices in the international market.

Shares of Astec Lifesciences, TCI Developers, and NIIT Technologies each locked at 20% upper circuit after reporting Q4 earnings. The share price of Rallies India and Adani Enterprises fell 8% and 3% intraday, post results. Where Adani Ports and Tata Coffee rose 4% intraday post-earnings, JM Financial shares gained 13% pre-result.

Globally, Asian stocks ended in the green today as investors turned optimistic over prospects of eased lockdowns in some countries. Bourses in Shanghai, Hong Kong, Singapore, and Seoul ended higher, while Japan's Nikkei remained closed for a holiday.

Meanwhile, European indices opened marginally lower, although turned flat with positive bias later as investors turned cautious eyeing developments over economies lifting lockdown restrictions. However, CAC traded 0.15% lower, while FTSE and DAX gained 0.50% and 0.17%, respectively.

Vinod Nair, Head of Research at Geojit Financial Services said, "Financials led the gains, in anticipation of stimulus measures while FMCG, bluechip IT stocks and OMCs disappointed. The volatility in the indices is expected to continue as investors lookout for trading cues in the form of Stimulus measures by the government and global market trends".

Expressing views over the Nifty near term technical outlook, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said, "Bears have put up a sturdy wall around 9400-9450. Before this, the intraday resistance can be seen at 9300-9350. On the downside, we have now reached a crucial support zone at 9200."

On the currency market, Rupee ended 13 paise higher at 75.75 per dollar on Wednesday, despite weak opening amid fund outflows.

Globally, there are 37.27 lakh confirmed cases and 2.5 lakh deaths from the coronavirus COVID-19 outbreak. In India, countrywide coronavirus tally has climbed to 49,391, while the death toll rose to 1,694.

Share Market Update: Sensex ends 232 points higher, Nifty at 9,270; HDFC Bank, Bajaj Finance top performers

Rallis India share price falls 8% on decline in Q4 net profit 

Adani Enterprises share price falls 4% post Q4 earnings 

Astec Lifesciences share price hits upper circuit on 145% rise in Q4 net profit