MUMBAI: India’s benchmark equity indices closed at record lows on Wednesday due to stock-specific action. Accordingly, both the major indices opened in the negative and ended the day at near intra-day highs while gradually climbing higher.
Asian stock markets faltered on Wednesday, as investors took a break from the Federal Reserve meeting for minutes that could confirm a sharp turn in US monetary policy.
European shares, on the other hand, edged higher on Wednesday, shaking off losses on Wall Street, driven by softer-than-expected economic data.
Among the sectors in the domestic market, realty and metals were the biggest gainers, while oil and gas, consumer durables and energy were the biggest losers.
BSE Midcap and Smallcap indices closed marginally in the green.
As a result, the BSE Sensex closed at 53,054.76, higher by 193.58 points or 0.37 per cent from its previous close of 52,861.18.
It had opened at 52,919.71 and touched an intra-day high of 53,105.41 and a low of 52,751.76.
The National Stock Exchange’s Nifty 50 also closed at a record high of 15,879.65, up 61.40 points or 0.39 per cent from its previous close.
Top losers in the Sensex were Tata Steel, Bajaj Finance and IndusInd Bank, while leading losers were Titan Company, Maruti Suzuki and Reliance Industries.
Deepak Jasani, Head Retail Research, HDFC Securities said, “The current momentum may take Nifty ahead of the previous high.
Jasani said, the sectoral rotation continues, while the volumes are low. On decline, Nifty may seek support at 15,818, while on upside, it may rise to 15,970 after consistently breaking the previous high of 15,915.
According to Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services, reduction in pandemic cases, vaccination progress, strong May core sector data, improving overall economic momentum in June indicate healthy corporate earnings for the first quarter.
Strong pre-quarter updates from Shobha, Titan, RBL Bank, Equitas etc also cheered the market. The metals saw fresh buying after Tata Steel shifted its focus to capacity expansion in India. Realty stocks also jumped on the back of signs of improvement.