MUMBAI: : Benchmark stock imarket ndices Sensex and Nifty rebounded on Wednesday, snapping their three-day losing streak, supported by buying in blue-chip stocks such as HDFC Bank and ICICI Bank, and a firm trend in Asian markets.
The 30-share BSE Sensex rose 410.19 points or 0.51 per cent to close at 81,596.63, with 24 of its constituents ending in the green and six in the red. During the day, it rallied as much as 835.2 points or 1.02 per cent to touch a high of 82,021.64.
The NSE Nifty advanced 129.55 points or 0.52 per cent to end at 24,813.45.
Among Sensex stocks, Bajaj Finserv was the top gainer, rising 2.02 per cent. Other major gainers included Tata Steel, Sun Pharma, Tech Mahindra, Bajaj Finance, NTPC, Nestle, Tata Motors, Hindustan Unilever and Mahindra & Mahindra.
IndusInd Bank was the biggest laggard, falling 1.39 per cent. Kotak Mahindra Bank, Power Grid and ITC also declined.
Moody’s on India
Moody’s Ratings said India is well-positioned to withstand the negative impact of US tariffs and global trade disruptions, given its strong domestic growth drivers and low export dependence. In a note, the agency added that government initiatives to boost consumption, expand manufacturing and increase infrastructure spending would help cushion the impact of weakening global demand.
The BSE midcap index rose 0.90 per cent, while the smallcap index gained 0.51 per cent.
Among the stock markets sectoral indices, capital goods gained 1.65 per cent, realty 1.58 per cent, industrials 1.35 per cent, healthcare 0.93 per cent and teck 0.81 per cent. Consumer durables was the only sector to end in the red.
On the BSE, 2,292 stocks advanced, 1,685 declined and 138 remained unchanged.
In Asia, South Korea’s Kospi, Shanghai’s SSE Composite and Hong Kong’s Hang Seng closed higher, while Japan’s Nikkei 225 ended lower. European markets were trading in the red, and US markets closed lower on Tuesday.
“Markets exhibited a broadly positive undertone today; however, overall sentiment remained confined within a narrow range, indicating risk of a ‘sell on rallies’ strategy in the near future amid escalating uncertainty around India-US trade negotiations,” said Vinod Nair, Head of Research, Geojit Financial Services.
Global oil benchmark Brent crude climbed 1.19 per cent to $66.16 a barrel.
Foreign institutional investors (FIIs) sold equities worth Rs10,016.10 crore on Tuesday, according to exchange data.
On Tuesday, the Sensex had tanked 872.98 points or 1.06 per cent to end at 81,186.44, while the Nifty had dropped 261.55 points or 1.05 per cent to 24,683.90.
