Sensex ends above 53,000-mark for the first time
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 lackluster global cues capped the gains, traders said. Here are more details.
Sensex climbed 193.58 points; Nifty rose 61.40 points
Overcoming a choppy start, the 30-share BSE Sensex climbed 193.58 points or 0.37% to close at its fresh lifetime high of 53,054.76. Similarly, the broader NSE Nifty rose 61.40 points or 0.39% to its record peak of 15,879.65.
Who were the biggest gainers and losers?
Notably, among the gainers, Tata Steel topped the Sensex gainers' chart, rallying 4.38%, 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%.
Cabinet reshuffle led to hectic activity in small private banks
"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.
Global markets traded mixed ahead of FOMC minutes: Expert
Vinod Nair, Head of Research at Geojit Financial Services, said, "Global markets traded mixed ahead of the FOMC (Federal Open Market Committee) 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." Notably, BSE metal, realty, basic materials, capital goods, and finance indices jumped as much as 2.31%.
World stocks were subdued ahead of Federal Reserve's meeting
Meanwhile, consumer durables, energy, oil and gas, auto, and utilities nursed losses. Broader BSE midcap and smallcap indices rose up to 0.58%. 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.
Brent crude rose 1.64% to $75.75 per barrel
Equities in Europe were trading with gains in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 1.64% to $75.75 per barrel. However, the rupee weakened by seven 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.