Indices back to winning ways as banking, IT and auto stocks shine

Topics Sensex | Indian markets

Image: iSTOCK
The benchmark indices  resumed their upward march on Wednesday, propelled by buying in bank, IT and auto stocks during the fag end, amid lacklustre global cues.


Overcoming a bout of volatility in late trade, the Sensex finished 172.69 points or 0.43 per cent higher at 40,412.57. Similarly, the broader Nifty climbed 53.35 points or 0.45 per cent to close at 11,910.15.


NTPC was the top gainer in the Sensex pack, spurting 2.77 per cent, followed by ONGC, Tech Mahindra, Kotak Bank, TCS, Asian Paints, IndusInd Bank and Tata Motors, which gained up to 2.28 per cent.


On the other hand, Yes Bank topped the laggards’ list for the second straight day, plunging 15.33 per cent amid uncertainty over its $2-billion fund raising plan. Vedanta, Hero MotoCorp, L&T, Bharti Airtel and HUL also tumbled up to 1.63 per cent.


“After a subdued trade during most part of the day, market witnessed a sharp turnaround due to short covering in index heavyweights. Upcoming macro indicators like CPI inflation and IIP data are unlikely to paint a rosy picture which may reduce upside potential in the near term. On the global front, FOMC meeting, UK election and US tariff deadline remain key events,” said Vinod Nair, Head (Research) at Geojit Financial Services.


Sectorally, the BSE Utilities was the biggest gainer with 1.52 per cent jump, followed by oil & gas (1.13 per cent), power (1.12 per cent), IT (0.97 per cent), realty (0.90 per cent) and finance (0.58 per cent).


In Asia, Tokyo and Bangkok ended lower, while Hong Kong rose 0.79 per cent and Shanghai added 0.2 per cent. Seoul and Singapore also finished in the green.

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