Sensex, Nifty Climb Again, IT & FMCG Stocks Cap Gains

Benchmark stock market indices closed higher for the third consecutive session on Wednesday, continuing its positive momentum this week. However, information technology (IT) stocks dragged the markets down.

The S&P BSE Sensex gained 147.79 points to settle at 75,449.05, while the NSE Nifty50 added 73.30 points to close at 22,907.60.

Aditya Gaggar, Director of Progressive Shares, said that after a strong breakout in the previous session, the bulls capitalised on the momentum, driving the Index higher throughout the day.

“Excluding FMCG and IT, all other sectors ended in the green, with Realty and PSU Banking leading the charge. The broader markets remarkably outperformed the Frontline Index, as Mid and Small-caps surged by 2.63% & 2.43% respectively,” he added.

Among the top performers, Shriram Finance (SHRIRAMFIN) led the advances with a gain of 3.91%, closely followed by HDFC Life Insurance (HDFCLIFE) which rose 3.83%. Apollo Hospitals Enterprise (APOLLOHOSP) showed strength with a 2.93% increase, while Tata Steel climbed 2.51%, and Power Grid Corporation (POWERGRID) added 2.18%.

On the losing front, Tech Mahindra (TECHM) emerged as the biggest decliner, falling 2.32%, followed by ITC which dropped 1.39%. Tata Consultancy Services (TCS) slipped 1.34%, while Infosys (INFY) decreased by 1.26%, and Sun Pharmaceutical Industries (SUNPHARMA) declined 0.87%.

Vinod Nair, Head of Research, Geojit Financial Services said that the sustainability of the relief rally depends on a revival in fundamentals. “The recovery was broad-based, while metal stocks gained attention after the government decided to impose a tax on steel imports. In light of trade uncertainties and growth concerns, today’s FED policy and the commentary will be keenly watched by investors to get cues on interest rates,” he added.

Markets displayed positive performance today with most sectoral indices ending in positive territory.