The 30-share BSE benchmark Sensex rose 350 points or 0.56% to settle above the 63,000 mark for the first time in 2023. The broader NSE Nifty surged 127 points or 127.4% to end at 18,726.
From the Sensex pack, Nestle, Tata Steel, and Tata Motors were the top performer, rising 2-3%. Power Grid, Bharti Airtel, L&T, NTPC, and TCS also opened with gains. On the flip side only, Kotak Bank, Maruti, Bajaj Finance, ICICI Bank, and M&M closed in the red.
Shares of Va Tech Wabag (WABAG) closed over 2% after the firm secured an order worth about Rs 420 crores. Suzlon Energy closed 18% higher after the firm achieved the milestone of 20 GW installed wind turbine capacity worldwide.
Sectorally, Nifty Realty rose 1.59% and Nifty Metal surged 1.51%. Nifty Bank and Nifty FMCG also closed lower. In the broader market, Nifty Midcap100 gained 1.04%, and Smallcap100 surged 1.35%.
Meanwhile, the market capitalisation of all listed companies on BSE surged by Rs 2.46 lakh crore to Rs 265.68 lakh crore. The market breadth was skewed in the favour of the bulls. About 2,293 stocks gained, 1,270 declined, and 135 remained unchanged on the BSE.Experts View
Investors are becoming more optimistic due to the anticipation of a positive revision in the RBI’s inflation forecast during the ongoing MPC meeting, said Vinod Nair, Head of Research at Geojit Financial Services.
"It is expected that the RBI will maintain its pause on rate hikes, considering the significant improvement in inflation, which has now come within the RBI's comfort zone. Furthermore, the participation of FIIs as net buyers, after a brief halt, contributed to today's market rally, particularly driven by mid-and small-cap stocks," Nair added.
Gaurav Bissa, VP - InCred Equities, said, "Nifty witnessed fresh hourly breakout above 18,650 levels which has now paved the way towards 18,800-18,850 levels. The immediate support is at 18,630 levels."
Asian Markets
Asian shares were mixed on Wednesday after a day of listless trading on Wall Street in the absence of market-moving data. China reported its exports fell 7.5% from a year earlier in May and imports were down 4.5%, adding to signs of a slowing of its economic recovery following the lifting in December of anti-virus controls that disrupted travel and commerce.
The Shanghai Composite index lost 0.1% while the Hang Seng in Hong Kong gained 0.7%. Tokyo's Nikkei 225 index lost 1.8%.
Rupee rises
The Indian rupee ended higher on Wednesday, helped by possible dollar inflows into equities, while traders waited for the monetary policy outcome from the Reserve Bank of India on Thursday. The rupee ended at 82.5475 to the US dollar, compared with 82.6050 in the previous session.
Oil falls
Oil fell for a second day on Wednesday as concerns over global economic headwinds deepened, erasing the price gains booked after top crude exporter Saudi Arabia's surprise weekend pledge to deepen output cuts. Brent crude futures were down 56 cents, or 0.7%, at $75.73 a barrel. The US West Texas Intermediate crude futures fell 52 cents, also 0.7%, to $71.22 a barrel.
Sensex ends above 63K for first time in 2023; all eyes on RBI MPC outcome - Economic Times
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