Amidst the highly volatile geopolitical situation in the South China Sea and tumbling semiconductor stocks, key Indian capital market indices, Sensex and Nifty, continued to keep advancing on Wednesday.
Both the indexes advanced by nearly 0.3% to extend their winning streak for the 6th straight session.
S&P BSE Sensex of the Bombay Stock Exchange gained 214.17 points (0.36%) to close the market at 58,350.53 points. The index had closed at 58,350.53 points on Tuesday.
Sensex which opened on Wednesday at 58,174.11 went as high as 58,415.63.
Top gainers on Sensex on Wednesday were Tech Mahindra (1.97%) Tata Consultancy Services (1.51%) Infosys (1.44%) Asian Paints (1.29%) Titan (1.27%) and ICICI Bank (0.97%).
Top losers were Maruti (-2.29%) Sun Pharma (-2.17%) Kotak Mahindra Bank (-1.75%) Bajaj Finance (-0.65%) and Ultra Tech Cement (-0.60%).
While the majority of IT stock such as Tech Mahindra, TCS, Infosys, Wipro and HCL Tech advanced on Wednesday, Banking stocks had mixed results. ICICI Bank, HDFC Bank, and Axis Bank traded in green while stocks of State Bank of India, Indus Ind Bank and Kotak Bank saw a decrease in their share value.
Auto stocks also performed negatively on Sensex as stocks of M&M, LT, and Maruti went down as trading day progressed.
Out of 30 stocks trade on the benchmark index of BSE, 18 stocks advanced while 12 ended up trading in losses.
In sector and industrial indexes on Bombay Stock Exchange, S&P BSE Information Technology gained the most as the index saw an increase in its value by +375.88 (+1.28%) points to conclude the trading at 29,801.39.
Out of 62 stocks traded on the IT index of BSE, 33 traded in green, while the rest 29 stocks closed the trading with losses.
The benchmark index of National Stock Exchange, Nifty 50, on Wednesday rose 42.7 points (0.25%) to conclude trading at a last trade price of 17,388.15.
Top gainers on Nifty 50 were Tech Mahindra (2.22%) Infosys (1.70%) Titan (1.42%) Tata Consultancy Services (1.37%) and Asian Paints (1.36%).
Stocks of Sun Pharma (-2.22%) Tata Motors (-1.93%) Kotak Mahindra Bank (-1.84%) Maruti (-1.74%) and Coal India (-1.51%).
SunPahrma lost 20.35 per share to close the trading at 896.90 rupees per share. The previous close was 917.25. The pharmaceutical company today announced that its chairman, Israel Makov would step down from the post on August 29th.
Israel Makov who joined the company in 2012 had earlier serviced as Chief Executive Officer and President of Israel based pharma company, Teva Pharmaceutical Industries Ltd.
Out of 50 stocks traded on the index, 25 advanced while 25 stocks trade in red during the day.
Foreign Institutional Investors and Foreign Portfolio investors remained net buyers with 765.17 crores as they bought stock worth 10,148.58 crores and sold stocks worth 9,383.41 crore Indian rupees.