Sensex rises over 300 points, Nifty trades above 19,400; Sun Pharma Advanced, Gokaldas, Jio Financial jump up to 8%

Indian equity benchmarks traded higher in Wednesday's early deals, led by gains across all sectors. The 30-share BSE Sensex pack rose 331 points or 0.51 per cent to trade at 65,407, while the broader NSE Nifty moved 92 points or 0.48 per cent up to trade at 19,435. Mid- and small-cap shares were positive as Nifty Midcap 100 climbed 0.78 per cent and small-cap gained 1.01 per cent.

Asian markets extended gains today, tracking an overnight rise in Wall Street equities. Investors now await domestic GDP (gross domestic product) data for the April-June quarter, scheduled to be released post-market hours on Thursday.

Foreign institutional investors (FIIs) bought shares worth Rs 61.51 crore on a net basis during the previous session, while domestic institutional investors (DIIs) bought shares worth Rs 305 crore, according to stock exchange data.

"In the near-term market may remain steady on favourable global cues. The US consumer index indicates that the US economy is slowing down. If the payrolls data expected this Friday confirms this trend, the Fed will not resort to another rate hike soon. This assessment has led to decline in US bond yields and the dollar index, which, in turn, has improved equity market sentiments," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

All 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty IT, Nifty Metal, Nifty Financial Services, Nifty Auto and Nifty Bank were outperforming the NSE platform by rising as much as 0.61 per cent, 0.78 per cent, 0.63 per cent, 0.80 per cent and 0.56 per cent, respectively.

On the stock-specific front, Jio Financial Services was the top gainer in the Nifty pack as the stock jumped 4.99 per cent to trade at Rs 231.25. Tata Steel, Axis Bank, M&M and UPL gained up to 1.63 per cent.

In contrast, BPCL, PowerGrid, Apollo Hospitals, Adani Ports and Britannia were among the top laggards.

The overall market breadth was positive as 2,225 shares were advancing while 703 were declining on BSE.

On the 30-share BSE index, ICICI Bank, Axis Bank, Jio Financial, Reliance Industries, M&M, Infosys, L&T and Tata Consultancy Services (TCS) were among the top gainers.

Also, Sun Pharma Advanced, Gokaldas Exports, Inox Wind, Railtel, Surya Roshni, TGV Sraac, Bharat Bijlee and Mahindra Lifespace surged up to 8.45 per cent. On the flipside, Confidence Petroleum, Texmaco Rail, BEML, Fiem Industries, HBL Power and Hindustan Petroleum slipped up to 3.45 per cent.

On Monday, Sensex had climbed 79 points or 0.12 per cent to settle at 65,076, while Nifty had moved 37 points or 0.19 per cent up to close at 19,343.

Nifty outlook

 

"Instead of the swings anticipated on either side of 19,311, Nifty stayed afloat this level through the day, prompting us to remain positive of seeing 19,540, despite the repeated failure to breach the 19,370 mark, which was pencilled in as an upside confirmation point. Downside markers could continue to be at 19,250 or 19,170, but aggressive traders may use 19,311 as well," said Anand James, Chief Market Strategist at Geojit Financial Services.

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