Recovery rally extends to 3rd session on Dalal Street

Mumbai: Benchmark stock indices Sensex and Nifty ended nearly 1 per cent higher on Wednesday, extending their winning run to the third day in a row amid a slight drop in crude oil prices and a firm trend in global peers.

The 30-share BSE Sensex jumped 633.29 points or 0.83 per cent to settle at 76,704.13. During the day, it soared 929.38 points or 1.22 per cent to 77,000.22. The 50-share NSE Nifty surged 196.65 points or 0.83 per cent to end at 23,777.80.

From the 30-Sensex firms, Eternal, Tech Mahindra, Infosys, Mahindra & Mahindra, HCL Tech, Adani Ports, Tata Consultancy Services and Axis Bank were among the major gainers. NTPC, Hindustan Unilever, Sun Pharma and HDFC Bank were among the laggards. “Domestic markets extended their recovery, supported by opportunistic buying after the recent sell-off. The rebound was broad-based, driven by a combination of short covering and value buying, with leadership from IT, realty, and auto sectors, alongside strength in mid and smallcap stocks,” Vinod Nair, Head of Research, Geojit Investments Limited, said.

“Markets extended their recovery for the third consecutive session on Wednesday, supported by stable global cues, although volatility persisted. The Nifty opened on a firm note and maintained a positive bias for most of the session; however, profit booking in the final hours trimmed some of the gains,” Ajit Mishra – SVP, Research, Religare Broking, said.

The sharp rebound in the IT pack was a key highlight and played a critical role in driving today’s recovery, he said. The BSE MidCap Select index jumped 2.39 per cent and SmallCap Select index climbed 1.59 per cent.

Among sectoral indices, BSE Focused IT surged 2.95 per cent, followed by IT (2.82 per cent), realty (2.67 per cent), BSE MidSmall Private Banks Quality Tilt (2.48 per cent), services (2.45 per cent), telecommunication (2.44 per cent) and consumer discretionary (2.08 per cent). Metal emerged as the only laggard.