Markets end higher on gains in Reliance, HDFC twins

Mumbai: Benchmark indices marched higher for the second straight day on Wednesday as robust gains in market heavyweights HDFC twins and RIL offset lacklustre global cues. The 30-share BSE Sensex climbed 622.44 points or 2.06 per cent to settle at 30,818.61, while the broader NSE Nifty rose 187.45 points, or 2.11 cent, to 9,066.55. Traders said encouraging corporate results bolstered investor confidence, though rising COVID-19 cases in India capped the gains.

Further, media reports said Finance Minister Nirmala Sitharaman has not ruled out announcing more measures to help the coronavirus-hit economy, which added to the buying momentum, they added. M&M was the top gainer in the Sensex pack, surging 5.92 per cent, followed by HDFC, L&T, Tata Steel, Bajaj Finance, HDFC Bank and Sun Pharma. Only four Sensex constituents ended in the red - IndusInd Bank, Hero MotoCorp, Bharti Airtel and Asian Paints, shedding up to 2.85 per cent.

"Domestic markets opened flat but gained higher later during the day led by buying across all sectors. Positive statements from the Finance Minister also could have lifted markets (and showed) that the government was with industry and would do as much as possible depending on how the coronavirus pandemic will pan out, implying there could be further stimulus ahead," said Paras Bothra, President of Equity Research, Ashika Stock Broking.

BSE healthcare, capital goods, finance, consumer durables and oil and gas indices rallied up to 3.16 per cent, while telecom ended in the red. Broader BSE midcap and smallcap indices spurted up to 1.49 per cent.

Global markets were largely subdued after news reports cast doubts on some covid-19 vaccine trials. Bourses in Hong Kong, Tokyo and Seoul settled with gains, while Shanghai ended in the red. Stock exchanges in Europe were trading with losses in early deals.