Indian stock market on Wednesday got back on the winning track as Sensex and Nifty 50 gained nearly 1% amidst apprehension regarding the upcoming US Federal Reserve meeting on interest rate policy.
Stocks from banking, IT, Metal, Oil, and Gas sectors helped the benchmark indexes conclude the market in green.
Sensex
S&P BSE Sensex gained 547.83 (+0.99%) points to close at 55,816.32. The index which opened at 55,258.29 went as high as 55,853.09 during the trading day.
Top gainers in the index were SUNPHARMA (+3.39 %) SBIN (+2.76%) LT (+2.67%) ASIANPAINT (+2.51 %) TCS (+2.33 %) and ULTRACEMCO (+2.23 %).
Apart from the top gainer, banking stocks also performed well today as stocks of INDUSINDBK, AXISBANK, HDFCBANK, and ICICIBANK gained today by 0.50 – 2%.
Out of banking stocks listed on Sensex, only KOTAKBANK shares ended in red today.
Top losers were RELIANCE (-0.05 %) NTPC (-0.07 %) BAJAJFINSV (-0.09 %) KOTAKBANK (-0.20 %) BHARTIARTL (-1.32 %).
Out of 30 stocks listed in the S&P BSE Sensex, 25 stocks advanced while 5 ended their trading in red on Wednesday.
Tata Consultancy Services contributed the highest on the index today, while Bharti Airtel was the least contributor.
S&P BSE BANKEX which is an index of banking stocks on the Bombay Stock Exchange, gained 447.14 points to close trading at 42,329.35. Only 2 out of 10 stocks had a bad day in the market today.
Metal stocks in BSE also performed well on Wednesday as all stocks of all companies in the metal business traded in the green today
With positive sentiments of recovery of Asian and European markets along with the presence of bullish candles on the daily charts, the Indian stock exchanges and their indices are expected to move forward in the upcoming days.
Nifty 50
The Benchmark index of the National Stock Exchange, Nifty 50 on Wednesday gained 157.95 (+ 0.96%) points and posted an LTP of 16,641.80 points.
Top gainers in the index were SUNPHARMA (3.18 %) SBIN (2.75%) DIVISLAB (2.63 %) LT ( 2.52%) and TCS ( 2.31%).
The share price of Larsen and Toubro increased by 44.15 rupees to post a price of 1,795.40. L&T had announced its earnings for the first quarter of the current financial year, which ended in June 2022. The consolidated net profit of the engineering and construction company saw a growth of nearly 45% to ₹1,702 crore. Consolidated net profit in the first quarter of last year was ₹1,174 crore.
Growth in revenue along with an immense amount of increase in domestic and international business orders helped the company to create positive sentiments among the traders.
Top losers in the index were BHARTIARTL ( -1.33 %) BAJAJ-AUTO (-1.09 %) HDFCLIFE (-0.33 %) and KOTAKBANK (-0.32 %).
Out of 50 stocks traded on the Nifty 50, 46 stocks traded in the green on Wednesday, while 4 stocks declined.
With the market set to open on Thursday, all traders and investors are eagerly waiting for the decision of the US Federal Reserve regarding a hike in its interest rates. Traders are expecting a hike in rate by nearly 75 basis points.