Sensex, Nifty rise for second day on rally in telecom, bank stocks
Market came off a bit from opening gain as investors utilised initial rally to book profits.
The 30-share Sensex closed 139 points, or 0.42 per cent, higher at 33,136, with 17 stocks gaining.
The NSE Nifty50 settled 31 points, or 0.31 per cent, up at 10,155, with 23 stocks in the green.
“Market reversed from opening gain as investors utilised initial rally to book profit. Participants were keen to get cues on US Fed’s future rate hike trajectory, while hawkish pace of tightening might add volatility in the market. If the outcome of FOMC will be in-line with expectation without any underlining caveats, we could have a relief rally in the short-term,” said Vinod Nair, Head of Research, Geojit Financial Services.
Broader BSE Midcap and Smallcap indices underperformed benchmark Sensex, closing 0.22 per cent and 0.31 per cent up, respectively.
With a gain of over 4 per cent, Bharti Airtel stood at the top among Sensex stocks, followed by NTPC, Larsen & Toubro and HDFC Bank.
On the contrary, Tata Steel declined nearly 2 per cent. Tata Motors, Adani Ports and Hero MotoCorp declined over 1 per cent in the Sensex index.
Shares of Jaiprakash Associates tumbled 2.50 per cent on Wednesday after Supreme Court asked the realty firm to deposit Rs 200 crore in two installments by May 10.
Shares of Balrampur Chini Mills jumped nearly 9 per cent on BSE, in the wake of government's decision of scrapping export duty on sugar by 20 per cent.
Shares of Dalmia Bharat Sugar & Industries, Gayatri Sugars and Mawana Sugars also saw decent traction.
Among the sectors, BSE Telecom, with a gain of over 2 per cent, remained at the top on BSE. Only two stocks-- Tata Teleservices (Maharashtra) and Bharti Infratel closed in the red in the index.
BSE Healthcare, auto and metal indices remained in the red on Wednesday. Metal stocks Tata Steel, Hindalco, NALCO and Jindal Steel cracked up to 1.85 per cent on BSE.
Globally, European shares declined awaiting US Fed's policy outcome. Asian peer Hang Seng declined 0.43 per cent. Nikkei was closed for a local holiday.