Sensex, Nifty Shrug Off Mid-session Setback, Record Fresh Closing Highs

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(RTTNews) – Despite some early weakness and a setback around early afternoon after a modest recovery, the Indian stock market rebounded and closed on a positive note on Wednesday, extending gains to a sixth day.

Profit taking contributed to the decline of some frontline stocks, but continued optimism about global economic recovery thanks to the rollout of coronavirus vaccines, agreement over a post-Brexit trade deal, and expectations of additional stimulus in the U.S. lifted the indices higher.

The benchmark BSE Sensex ended up by 133.14 points or 0.28% at 47,746.22, after hitting a fresh record high of 47,807.85. The National Stock Exchange’s Nifty, which scaled a new high at 13,997.00, settled with a gain of 49.35 points or 0.35% at 13,981.95.

Metals, automobile, cement and realty stocks were among the most impressive gainers. Consumer durables, consumer discretionary and capital goods stocks too had a good outing.

Bank were weak, weighed down by comments from the central bank that the financial sector may face a sharp deterioration in asset quality in the near term due to a significant percentage of outstanding loans under a moratorium.

Information technology, oil and healthcare stocks were somewhat subdued.

Movements were quite volatile due to expiry December series derivative contracts expiry on Thursday.

Ultratech Cement gained nearly 4.5%. Grasim Industries and Shree Cement, both ended higher by about 3%.

Bajaj Finance, Eicher Motors, UPL and Maruti Suzuki gained 2 to 2.6%. Mahindra & Mahindra, Tech Mahindra, Asian Paints, Tata Steel and Kotak Bank also ended notably higher.

IndusInd Bank, Axis Bank, State Bank of India, Tata Consultancy Services, Bharti Airtel, Sun Pharmaceutical Industries, GAIL India and Infosys ended lower by 0.5 to 1.4%.

The market breadth was fairly positive. On BSE, 1671 stocks advanced, while 1282 stocks drifted lower. 181 stocks ended flat.