Indian stock benchmarks rebounded sharply on Wednesday, driven by gains in all sectors. Shares in Asia rose as night-time earnings tracked on Wall Street, with investors focusing on a meeting of the US Federal Reserve. The US central bank is expected to raise its interest rate by 25 basis points (bps). In such a case, this would be the first increase in the three-year interest rate. Sentiments were also high in the Russian-Ukrainian talks in hopes of a solution.
Returning home, the 30-share BSE Sensex moved 1,040 points or 1.86 percent to close at 56,817, while the broader NSE Nifty moved 312 points or 1.87 percent more to settle at 16,975.
Mid-cap and low-end stocks ended on a strong note as the Nifty Midcap 100 index rose 2.01 percent and low-capital shares gained 1.17 percent.
All 15 sector gauges – collected by the National Stock Exchange – were completed in green. Nifty Metal, Nifty Private Bank and Nifty Auto outperformed the index, rising 2.63 percent, 2.44 percent and 2.16 percent, respectively.
In terms of specific shares, UltraTech Cement was Nifty’s biggest gain as shares rose 4.63 per cent to Rs 6,300 crore. Axis Bank, Bajaj Auto, IndusInd Bank and Shree Cement were also among the gains.
The overall market width was positive as 2,307 shares advanced and 1,121 fell in BSE.
In the 30-share BSE index, UltraTech Cement, Axis Bank, IndusInd Bank, HDFC, Bajaj Finserv, Infosys and Bajaj Finance were among the main gains.
Shares of the digital payment company Paytm also halted losses as shares rose 7.15 per cent to 634.80 rupees. Paytm’s One 97 Communications parent dropped nearly 25 percent in the previous two sessions after the RBI barred Paytm Payments Bank from entering new customers.
In contrast, PowerGrid and Sun Pharma were placed in the red.