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Sensex rises 1,000 pts, Nifty ends above 16,950; UltraTech, Axis Bank, HDFC top gainers

Sensex rises 1,000 pts, Nifty ends above 16,950; UltraTech, Axis Bank, HDFC top gainers

Sensex closed at 56,816, higher by 1039 points and Nifty gained 312 points to 16,975.

 UltraTech Cement, Axis Bank, IndusInd Bank and HDFC were among the top Sensex gainers, rising up to 4.69%. UltraTech Cement, Axis Bank, IndusInd Bank and HDFC were among the top Sensex gainers, rising up to 4.69%.

Benchmark indices Sensex and Nifty resumed their rally on Wednesday after a single-session fall as global markets awaited a widely anticipated decision by the US Federal Reserve on interest rate policy. Sensex closed at 56,816, higher by 1,039 points, and Nifty gained 312 points to 16,975.

Before the previous session, the Indian equity market had rallied for five consecutive sessions.

UltraTech Cement, Axis Bank, IndusInd Bank and HDFC were among the top Sensex gainers, rising up to 4.69 per cent.

BSE mid-cap and small-cap indices gained 417 points and 395 points, respectively.

On the sectoral front, banking shares were the top gainers with the BSE bankex rising 818 points to 40,944. Consumer durables and capital goods shares also gained, with their BSE indices rising 890 points and 305 points, respectively. BSE IT index too zoomed 721 points to 35,718.

Share Market update: Sensex zooms 1,039 points, Nifty ends above 16,950; banking shares top gainers

Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, said, "Technically, on intraday charts, the Nifty maintains a higher high and higher low formation and now is heading towards 17,000 and 17,200. We are of the view that the current texture is likely to continue unless the index slips below 16,750-16,700 levels. Above this level, the Nifty could rise up to 17,100-17,200 levels. On the flip side, traders may prefer to take a caution stance if the index slips below 16,750 and below the same, chances of hitting 16,700-16,600 would be brighter."

The market breadth was positive with 2,306 shares ending higher against 1,128 stocks in the red. 100 shares were unchanged.

Market cap of BSE-listed firms rose to Rs 256.23 lakh crore.

Vinod Nair, Head of Research at Geojit Financial Services, said, "Ease in FII selling and crude prices is adding strength to the domestic trend. Positive global cues and strong bounce back by the Chinese market in anticipation of stimulus supported the trend. The world equity market has stabilised factoring in a 25 basis points hike in US Fed, an in-line policy outlook, will be a relief to the market and we may see a drop in volatility."

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 1,249 crore on a net basis on Tuesday, according to exchange data.

Global markets

Asian shares rose on Wednesday as investors awaited a widely anticipated decision by the US Federal Reserve on interest rate policy.

Japan's benchmark Nikkei 225 jumped 1.7 per cent in morning trading to 25,784.71. Australia's S&P/ASX 200 added 0.9 per cent to 7,160.00. South Korea's Kospi gained 0.8 per cent to 2,641.23. Hong Kong's Hang Seng rose 2.1 per cent to 18,807.58, while the Shanghai Composite shed 0.4 per cent to 3,050.59.

The Dow Jones Industrial Average gained 1.8 per cent to 33,544.34, and the Nasdaq rose 2.9 per cent to 12,948.62. On Wall Street, the S&P 500 gained 2.1 per cent to 4,262.45.