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Markets bounce back after early losses
Market hit 4-month high on easing border tensions
After hitting a high of 35,467.23, the 30-share BSE Sensex settled 498.65 points, or 1.43 per cent, higher at 35,414.45.
Mumbai: Equity indices clawed back lost ground on Wednesday after two sessions of losses as investors accumulated banking, finance and energy stocks amid encouraging macroeconomic data and firm global cues.
After hitting a high of 35,467.23, the 30-share BSE Sensex settled 498.65 points, or 1.43 per cent, higher at 35,414.45.
Similarly, the broader NSE Nifty surged 127.95 points, or 1.24 per cent, to close at 10,430.05. Axis Bank was the top gainer in the Sensex pack, soaring 6.58 per cent, followed by Bajaj Finserv, HDFC, Bajaj Finance, ITC, IndusInd Bank, SBI, ICICI Bank and Reliance Industries.
On the other hand, NTPC, Nestle India, M&M, L&T and ONGC were among the laggards, skidding up to 2.40 per cent.
"A revival in GST collections during June and a smart comeback by the banking sector buoyed sentiments as the market rose over in trade today. The broader market too exhibited strength as savvy investors were seen lapping up select counters (which) seem to be less impacted from the pandemic," said S Ranganathan, Head of Research at LKP Securities.
BSE finance, bankex, energy, oil and gas, FMCG and basic materials indices ended up to 2.74 per cent higher, while capital goods, power, healthcare and realty finished with losses. Broader BSE mid-cap and small-cap indices rose up to 0.39 per cent.
