Driven by strong global and domestic cues, the Indian market on Wednesday ended the session on a good note, but it was off the day’s high points. Frontline indices have now ended higher for the fourth straight session after seeing corrective moves in the past couple of weeks. Positive cues on the global markets, along with good cues domestically in terms of core sector data, among others helped Sensex end 170 points higher, while the Nifty ended above 9920-mark. After witnessing a flattish to positive opening, the market gained, possibly on hopes of positive announcements from the Reserve Bank of India’s (RBI) monetary policy committee (MPC) meeting’s outcome. Sensex had gained over 200 points intraday, while the Nifty had seen gains of almost 0.80 percent intraday.
The rally saw further strengthening after the central bank later made a pitch in the policy statement for recapitalisation of PSU banks. Stocks from the sector rallied, but soon cooled off as well. This led to the market cutting some of its gains as well. At the close of market hours, the Sensex was up 174.33 points at 31671.71, while the Nifty was up 55.40 points at 9914.90. The market breadth was narrow as 1,461 shares advanced against a decline of 1,167 shares, while 129 shares were unchanged. Sun Pharmaceuticals, Reliance Industries and Tata Motors DVR gained the most on both indices, while Bharti Airtel, ICICI Bank and UPL lost the most.
In the broader markets, midcaps had a day of positive trade, but ended underperforming the benchmarks. Meanwhile, barring metals and IT, all sectoral indices ended the session with a green tick, with pharmaceuticals, energy and FMCG stocks being one of the top gainers.