Market Overcomes a Choppy Start; Sensex Ends above 53K

A weakening rupee and lacklustre global cues capped the gains; Nifty rose to record peak of 15,879.65
Market Overcomes a Choppy Start; Sensex Ends above 53K
Market Overcomes a Choppy Start; Sensex Ends above 53K

Indian equity benchmark Sensex jumped 194 points to close above the 53,000-mark for the first time on Wednesday, propelled by metal, finance and banking stocks, as investors were in buying mode ahead of a reshuffle of the Union Cabinet.

However, a weakening rupee and lacklustre global cues capped the gains, traders said.

Overcoming a choppy start, the 30-share BSE Sensex climbed 193.58 points or 0.37 per cent to close at its fresh lifetime high of 53,054.76. NSE Nifty rose to 61.40 points or 0.39 per cent to its record peak of 15,879.65.

Tata Steel topped the Sensex gainers' chart, rallying 4.38 per cent, followed by Bajaj Finserv, IndusInd Bank, HDFC, Nestle India, Asian Paints, Sun Pharma and PowerGrid.

On the other hand, Titan, Maruti, Reliance Industries, M&M, Tech Mahindra and Bajaj Auto were among the laggards, sliding up to 2.06 per cent.

"Markets bounced back into the positive terrain in afternoon trade led by metal stocks. Cabinet reshuffle today created interest amongst market participants as we saw some hectic activity in smaller private sector banks," said S Ranganathan, Head of Research at LKP Securities. 

Vinod Nair, Head of Research at Geojit Financial Services, said, "Global markets traded mixed ahead of the FOMC minutes as investors preferred safe-haven bonds and dollars. Healthy pre-sale numbers boosted buying interest in realty stocks while metal stocks followed the trend." 

BSE metal, realty, basic materials, capital goods and finance indices jumped as much as 2.31 per cent, while consumer durables, energy, oil and gas, auto and utilities nursed losses. 

Broader BSE midcap and smallcap indices rose up to 0.58 per cent. 

World stocks were subdued ahead of the release of the minutes from the US Federal Reserve's latest meeting. 

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended in the red, while Shanghai was positive.

Equities in Europe were trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 1.64 per cent to $75.75 per barrel.  

The rupee weakened by 7 paise to end at 74.62 against the US currency on Wednesday as a stronger dollar and rising crude oil prices weighed on investor sentiment. 

Foreign institutional investors offloaded shares worth Rs 543.30 crore, as per exchange data.

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