Indian markets traded strongly on Wednesday ahead of RBI’s monetary policy results. Simultaneously, strong fourth quarter numbers from banks and NBFCs – along with an unexpected tax cut – are some of the biggest drivers of the market. Sensex and Nifty 50 climbed around 1 per cent each. Smallcap stocks outperformed the broader indices. Meanwhile, capital goods were the top gainers, and IT stocks also registered good buying ahead of key Q4 results.
Sensex closed at 59,689.31 with a jump of 582.87 points or 0.99%. The Nifty 50 climbed 159 points or 0.91% to close at 17,557.05.
In the broader market, on BSE, the Smallcap index jumped over 260 points, while the Midcap index rose marginally. BSE Sensex Next 50 climbed over 148 points.
Regarding sectoral indices, on BSE, Capital Goods Index was the top performer, rising around 718 points. After this there was a gain of 348 points in consumer durables.
FMCG stocks rallied over 222 points as major companies presented their fourth quarter numbers along with their growth outlook. While IT stocks led by key Q4 results such as TCS, Infosys and HCL Tech jumped nearly 317 points.
Barring oil & gas, auto and power stocks, all sectoral indices witnessed buying.
Top gainers on the Sensex were— L&T gained 4%, while HDFC and HDFC Bank gained around 3% each. Sun Pharma, ITC, HUL, Titan, TCS, HCL Tech and Asian Paints gained 1-2 per cent.
Top Sensex bears were – IndusInd Bank, M&M, and NTPC declining over 1% each. Other stocks like SBI, Maruti Suzuki, Axis Bank and RIL were also in the red.
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