Nifty will remain in an uptrend as long as it closes above 8500
We had mentioned in Tuesday’s closing report that the move on NSE’s CNX Nifty looks weak and close below 8,450 will pull the market down sharply. For the entire session Wednesday, the 50-stock benchmark remained above previous day’s close albeit moving in a narrow range.
India VIX fell 1.11% to close at 14.6650. NSE recorded a volume of 129.53 crore shares.
The S&P BSE Sensex closed over 150 points up during the day's trade. The 30-stock benchmark, which opened at 28,138.04 points, closed at 28,223.08 points, up 151.15 points or 0.54% from the previous day's close at 28,071.93 points. The wider 50-scrip Nifty also closed in the green -- 51 points or 0.60% up at 8,567.95 points.
According to analysts, bargain hunting was observed in the market after Tuesday's fall. RBI's announcements of changing the cap on bond investment limit from being dollar-linked to rupee-denominated, segregation of the bond market and its engagements with the government over the new financial code also boosted the markets, they said.
Sector wise, healthy buying was observed in healthcare, automobile, information technology (IT), fast moving consumer goods (FMCG) and capital goods sectors. However, the banking, consumer durables and metal sectors came under selling pressure.
The S&P BSE healthcare index zoomed by 265.67 points, automobile index soared by 200.96 points, IT index rose 194.36 points, FMCG index gained 114.31 points and capital goods index was up 98.30 points.
However, the S&P BSE bank index receded by 71.11 points, consumer durables index eged-lower by 3.84 points and metal index slipped 3.14 points.
Major Sensex gainers during Wednesday's trade were Wipro, up 2.94% at Rs.574.60; Infosys, up 2.52% at Rs.1,086.55; Bajaj Auto, up 2.36% at Rs.2,569.70; Tata Steel, up 2.28% at Rs.262.25; and Lupin, up 2.08% at Rs.1,678.
The major Sensex losers were: Tata Motors, down 1.10% at Rs.376.75; Coal India, down 1.08% at Rs.438.05, State Bank of India (SBI), down 0.99% at Rs.285.35; ICICI Bank, down 0.96% at Rs.311.10; and Hindalco Inds, down 0.91% at Rs.108.30.
The top gainers and losers in the major indices are given in the table below:
Among the Asian indices, Shanghai Composite was the only loser which fell 1.65%. Jakarta Composite (1.45%) was the top gainer. Japan's Nikkei was up 0.46% and Hong Kong's Hang Seng rose by 0.44%.
In Europe, the London FTSE 100 index was up by 0.37%. Germany's DAX Index and French CAC 40 gained 1.29% each at the closing bell in India.