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Nifty Closes 188 Points Higher, Sensex Reclaims 34,000-Mark: 10 Things To Know

Advances were led by Indiabulls Housing Finance, Tech Mahindra, HDFC, HCL Technologies and Infosys.

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Nifty Closes 188 Points Higher, Sensex Reclaims 34,000-Mark: 10 Things To Know

On the 30-share Sensex, gains were led by HDFC, IndusInd Bank, Infosys, Axis Bank.

Domestic stock markets ended sharply higher on Wednesday led by financial services, IT and pharma shares. S&P BSE Sensex closed at 34,442.05, 1.63 per cent or 550.92 points higher, while the broader NSE Nifty settled at 10,386.60, up 1.85 per cent or 188.20 points. Thirty-six stocks on the 50-scrip index advanced while fourteen declined. Advances were led by Indiabulls Housing Finance, Tech Mahindra, HDFC, HCL Technologies and Infosys. Easing of concerns relating to the ongoing rift between the Reserve Bank of India and the government supported the markets, according to analysts.
Here are 10 things to know:
  1. On the 30-share Sensex, gains were led by HDFC, IndusInd Bank, Infosys and Axis Bank, which ended between 2.8 and 5.5 per cent higher.
  2. "The RBI and the government sitting face to face and discussing the issues is positive for the markets," AK Prabhakar, head of research, IDBI Capital Markets, told NDTV.
  3. During the day, the markets swung between gains and losses as caution prevailed as the rupee fell on speculation that the central bank governor Urjit Patel might resign due to a widening rift with the government.
  4. The Nifty Financial Services, Nifty Pharma and Nifty PSU Bank indices rose 2.32 per cent, 2.33 per cent and 2.42 per cent, respectively. Shares in Indiabulls Housing Finance closed with a gain of 8.17 per cent.
  5. Fresh weakness in the rupee against the greenback boosted IT stocks, as depreciation in the currency makes exports more attractive. The Nifty IT, a sectoral index on NSE, gained 4.07 per cent.
  6. The rupee declined to an intraday low of 74.11 against the dollar, breaching the 74-mark for the first time in more than two weeks, before returning to 73 levels.
  7. Tech Mahindra settled 8.6 per cent higher, a day after the company reported a 27.3 per cent jump in net profit to Rs. 1,064 crore for the July-September period.
  8. Shares in Lupin ended 0.38 per cent higher, giving up most of the gains registered during the session, after the drug maker reported a 41.5 per cent fall in net profit of 266 crore in the second quarter of the current financial year.
  9. Foreign portfolio investors (FPIs) net sold equities worth Rs. 1,592.02 crore while net purchase by domestic institutional investors stood at Rs. 1,363.04 crore on Tuesday, according to provisional data from the NSE.
  10. The Sensex finished the month with a decline of 1,785 points, or 4.9 per cent, while the Nifty fell 543.85 points, or 5 per cent.

(With agency inputs)





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