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    Sensex gains 394 points ahead of TCS Q2 results; investors turn richer by Rs 1.9 lakh crore

    Synopsis

    From the Sensex pack, Wipro and UltraTech Cement were the top gainers, rising 3.4% and 2.1%, respectively. Reliance Industries, HUL, Nestle, and M&M also closed higher. On the other hand, HCL Tech, TCS, SBI, and Infosys closed in the red

    Sensex rises todayIANS
    Tracking gains of global peers, Indian equity indices closed higher on Wednesday, on easing US rate concerns following further dovish comments by key Federal Reserve officials and stability in oil prices. The rally was led by the index heavyweight Reliance Industries, HDFC Bank, and ITC.

    The BSE benchmark Sensex advanced 394 points or 0.6% to settle at 66,473. The broader NSE Nifty surged 121 points or 0.62% to end at 19,811.

    Meanwhile, the market capitalisation of all listed companies on the BSE increased by Rs 1.9 lakh crore to Rs 321.61 lakh crore.

    From the Sensex pack, Wipro and UltraTech Cement were the top gainers, rising 3.4% and 2.1%, respectively. Reliance Industries, HUL, Nestle, and M&M also closed higher. On the other hand, HCL Tech, TCS, SBI, and Infosys closed in the red.

    Shares of Bank of Baroda closed 3.3% lower after the Reserve Bank of India (RBI) barred lenders from adding customers to its mobile app.

    Hero Motocorp shares rose 4.2% after brokerage firm CLSA upgraded the stock to 'buy’ from ‘underperform’.

    Sector-wise, Nifty Media rose 0.86%, and Nifty Realty surged 0.84%. Banks, auto, financial, FMCG, metal and pharma sectors also closed higher. Whereas, Nifty Midcap100 gained 0.5% and Smallcap100 advanced 0.84%.

    The market breadth was skewed in the favour of the bulls. About 2,351 stocks gained, 1,338 declined, and 133 remained unchanged on the BSE.

    Expert Views
    The market breadth was strong, as investors believe that the Middle East skirmish will be contained within the region and should not impact the crude price, said Vinod Nair, Head of Research at Geojit Financial Services.

    "Amid dovish comments from the US federal reserve, the US 10-year bond yield traded lower. Sequentially, the September India CPI is expected to cool due to ease in food and fuel inflation. And Q2 earning season will kick-start with the IT sector, which has a moderate expectation, however the broad corporates are expected to provide a bumper result," Nair said.

    Deepak Jasani, Head of Retail Research at HDFC Securities, said, "The latest rise has validated the bullish inverted H&S pattern and the target on the upside comes to 19878-19901 band. On falls, Nifty can take support from 19718 in the near term."

    Global Markets
    Global stocks edged higher on Wednesday, with investors cheered by Chinese stimulus hopes and a drop in bond yields, while the dollar held steady before the release of the latest Federal Reserve meeting minutes and US inflation figures.

    Europe's continent-wide STOXX 600 index was 0.11% higher in early trading. In Asian markets, Japan's Nikkei 225 gained 0.65%, while China's Shanghai Composite rose 0.2%, and Hong Kong's Hang Seng surged 1.2%.

    Oil Falls
    Oil prices edged lower on Wednesday, as fears of disruption to supplies due to conflict in the Middle East receded, at least for the time being.

    Brent crude fell 49 cents, or 0.56%, to $87.16 a barrel. US West Texas Intermediate (WTI) crude fell by 55 cents, or 0.64%, to $85.42.

    Rupee Strengthens
    The Indian rupee closed stronger on Wednesday, tracking Asian peers. The rupee ended at 83.1875 against the US currency after closing at 83.2450 in the previous session.

    The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.01% to 105.81 level.

    (With inputs from agencies)



    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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