Renewed buying in large-caps keeps mkts in green

Mumbai: Benchmark Sensex and Nifty rebounded from early lows and settled at fresh record high levels in a volatile trade on Wednesday following buying in private bank and select IT shares. The 30-share BSE Sensex jumped 408.86 points or 0.55 per cent to settle at a new record high of 74,085.99. During the day, it went up by 474.14 points or 0.64 per cent to hit an all-time high of 74,151.27. The index had opened lower and later fell to a day's low of 73,321.48 in the first half. The broader Nifty climbed 117.75 points or 0.53 per cent to settle at a lifetime high of 22,474.05. During the day, it jumped 140.9 points or 0.63 per cent to reach its record high of 22,497.20.

“Global markets witnessed mixed signals ahead of the US FED chair’s testimony to Congress. The domestic market exhibited a smart recovery in the second half, reversing initial losses as buying picked up in large-cap stocks,” said Vinod Nair, head (research) at Geojit Financial Services.

“The tone was negative in the first half, tracking weak global cues, however, resilience in banking combined with sharp recovery in the IT and FMCG majors completely changed the mood as the day progressed,” said Ajit Mishra, SV-P (technical research) at Religare Broking Ltd. In the broader market, the BSE smallcap gauge declined 1.91 per cent and midcap index fell by 0.65 per cent.