The Bombay Stock Exchange Sensex soared to a two-month high of 27,140.41, closing 241 points higher, while the National Stock Exchange Nifty exceeded the 8,300 mark, and ended 92 points higher at 8,380.65 on Wednesday. Positive cues from other Asian markets and European bourses and anticipation over United States President-elect Donald Trump’s first press conference later in the day influenced the numbers.
ONGC, Tata Steel, L&T, Dr Reddy’s and Infosys led trade on the BSE index, while Bajaj Auto was left trailing. IndusInd Bank’s December quarter earnings made it a major gainer on the Nifty50 – its stocked surged by 6.16% to close at Rs 1,233.45. Hindalco, Yes Bank, Tata Motors and Bharti Airtel, too, saw gains on the NSE index, while Bajaj Auto, ITC, TCS, Asian Paints and Hero MotoCorp were the laggards during the day’s trading.
Metal, banking and PSU stocks led the sectoral indices, while both the BSE Mid-Cap and BSE Small-Cap indices made marginal gains. Only seven of the 30 stocks listed on the BSE posted losses in Wednesday’s trading. The rupee stood at 68.48 against the US dollar on Wednesday afternoon (4.40 pm) as compared to its closing value of 68.18 on Tuesday.
Moreover, oil prices surged amid reports of a small supply cut by exporter Saudi Arabia. However, the market was still affected by signs that reductions by the Organisation of the Petroleum Exporting Countries were not being effectively implemented, Business Standard reported.
Meanwhile, the World Bank reassessed India’s gross domestic product growth projections from 7.6% to 7% after factoring in the impacts of demonetisation. However, it noted that the effects of the currency ban would be temporary.