New Delhi: Global markets edged higher on Wednesday despite rising cases of major equity benchmarks – Sensex and Nifty 50 – tracking gains. omicron version of covid-19.
The bulls took control of D-Street during the entire trading session with the index hovering in positive territory. BSE Sensex closed 612 points (1.09 per cent) higher at 56,931; While the broader NSE Nifty rose 185 points (1.10 per cent) to end at 16,955.
Nifty Midcap 100 index rose 1.55 per cent and Nifty Smallcap 100 index rose 2.15 per cent, leading to a jump in mid and smallcap stocks.
Gains in most sectors led by financial, auto, metal and healthcare stocks pushed major indices higher. Strong gains in index heavyweights Reliance Industries (RIL), Bharti Airtel and financial stocks led the Sensex higher at 56,989. RIL’s stock rose 2.4 per cent to Rs 2,365.
Bharti Airtel, Larsen & Toubro, and Tata Steel were the other key gainers, rising 2-2.7 per cent each. On the flipside, SBI Life, Wipro, Grasim, Adani Ports and Nestle India fell up to 0.99 per cent.
In the previous session, the 30-share equity benchmark ended 497 points or 0.89 per cent higher at 56,319.01 and the Nifty rose 156.65 points or 0.94 per cent at 16,770.85.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 1,209.82 crore on Tuesday, according to stock exchange data.
The positive global backdrop provided by a correction in the US and European markets may help the bulls, but it is not enough to propel the markets too high. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said Nifty is unlikely to hit its October high of 18,604.
He said that even though FII sales have come down, they can put pressure on selling if the market moves up in a meaningful way.
Elsewhere in Asia, shares in Shanghai, Hong Kong, Tokyo and Seoul were trading with gains in mid-session deals.
Stock exchanges in the US ended on a positive note in the overnight session.
Meanwhile, international oil benchmark Brent crude rose 0.24 per cent to $74.16 per barrel.
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