In the last eight days, the BSE benchmark had fallen 2,357.39 points or 3.84%, and the Nifty had fallen 731.9 points or 4.22%. file | Photo Credit: PTI
Stock market benchmarks ended nearly 1% higher on Wednesday, snapping an eight-day losing streak, amid gains in Asian and European equity exchanges.
After a positive opening, the BSE Sensex ended 448.96 points or 0.76% higher at 59,411.08. During the day, it gained 513.33 points, or 0.87%, to 59,475.45.
The NSE Nifty climbed 146.95 points, or 0.85%, to close at 17,450.90.
In the last eight days, the BSE benchmark had fallen 2,357.39 points or 3.84%, and the Nifty had fallen 731.9 points or 4.22%.
From the Sensex pack, State Bank of India, Axis Bank, IndusInd Bank, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Maruti Suzuki, Tata Steel and Tata Motors were the major gainers.
Power Grid and HDFC Bank were the laggards from the pack.
In Asian markets, Japan, China and Hong Kong ended in positive territory.
Equity exchanges in Europe were trading in the green. US markets closed down on Tuesday.
“Indian market was oversold and domestic triggers were needed to show signs of revival. Manufacturing PMI reported better than predicted at 55.3, even though India’s Q3 FY23 GDP figure came in slightly lower than expected at 4.4 per cent Solid global markets, firmed up. Strong Chinese manufacturing data ignited optimism in the domestic market as well, said Vinod Nair, Head of Research, Geojit Financial Services.
Growth in India’s manufacturing sector maintained momentum in February, with new orders and output increasing at rates similar to January, according to a monthly survey.
Foreign portfolio investors (FPIs) sold shares worth Rs 4,559.21 crore on Tuesday, according to exchange data.
International oil benchmark Brent crude fell 0.18% to $83.30 a barrel.