Sensex gains for 2nd day, ends 437 pts up at 46,444; HUL, Infy top gainers

India VIX cooled off over 6 per cent to end at 20.5 levels

Bulls had a field-day on D-Street on Wednesday as the benchmark indices ended the day near day's high as investors picked up information technology, realty, and financial stocks. Heavy-weights Infosys, Hindustan Unilever, TCS, ITC, and Bajaj Finance were the top Sensex contributors today.

The benchmark S&P BSE Sensex ended the day 437 points, or 0.95 per cent, higher at 46,444 levels, surging 545 points from the day's low. The broader Nifty50 reclaimed 13,600-mark and settled 135 points, or 1 per cent, higher at 13,601 levels.

India VIX, the volatility index, cooled off over 6 per cent to end at 20.5 levels

IT stocks outperformed the markets for second consecutive day as stock-specific news flow supported the sentiment. At the index level, Nifty IT and the S&P BSE IT indices hit their respective fresh record highs. Among individual stocks, Tata Consultancy Services (TCS), Infosys, HCL Technologies, Tech Mahindra, Larsen & Toubro (L&T) Infotech and MphasiS from the Nifty IT index scaled their respective fresh record peak.

That apart, Nifty Realty index (up 4 per cent) and Nifty PSU Bank index (up 2 per cent) were other sectoral gainers.

In the broader market, S&P BSE MidCap and SmallCap indices outrun the frontline indices today, settling 2.44 per cent and 2.65 per cent higher, respectively.

Global markets

European shares rose on Wednesday as a report that a Brexit trade deal could be struck later in the day cheered investors amid concerns over the passage of a much-awaited US pandemic aid bill.

The pan-European STOXX 600 index traded 0.4% higher after political editor Robert Peston at Britain’s ITV said a Brexit trade deal between the United Kingdom and the European Union is possible on Wednesday after progress in talks on fishing rights.

However, London’s FTSE 100 lagged as the pound gained on the news and weighed on shares of internationally focused firms on the index.

In Asia, Japan's Nikkei ended 0.33 per cent higher while South Korea's Kospi added nearly 1 per cent. Hong Kong's Hang Seng closed 0.8 per cent higher.

(With inputs from Reuters)

4:14 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

Indian equity benchmark indices continued their rebound from losses of Dec 21 and ended higher for the second straight day. The Nifty opened flat and rose gradually through the day to close at almost its intraday high. At close Nifty settled 135 points, or 1 percent, higher at 13,601.10.

 

Volumes on the NSE were below recent average. Among sectors, Realty Media IT PSU Bank, FMCG, Metals and Pharma were the main gainers.

 

World stocks inched up on Wednesday, as a last-minute intervention by President Donald Trump dampened positive sentiment over a U.S. stimulus deal, while the European markets rose on the possibility of a Brexit agreement that could be likely as early as on Wednesday.

 

In the second day post the selloff, Nifty has retraced ~75% of the latest fall. However lower volumes are a dampener. Now the next resistance level of the Nifty is at 13665-13710 while supports will come in at 13485.

4:12 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets extended rebound and gained over a percent amid mixed cues. The benchmark indices started on a flat note and gradually inched higher as the session progressed. Healthy buying continued in IT and pharma majors and stocks from the media and realty space also witnessed decent recovery. Finally, the Nifty ended near day’s high at 13,600 levels; up by 1%. The broader markets outperformed and ended with strong gains in the range of 2.4-2.7%.

 

Markets are taking comfort from the global markets, which are holding strong despite the renewed COVID challenge. Meanwhile, the passage of the stimulus package in the US has relieved the participants to some extent. We suggest continuing with a cautious stance and limiting leveraged positions. The defensive pack is doing well on expected lines and likely to maintain this bias ahead as well. Traders should align their positions accordingly.

4:01 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Market is continuing its rally amidst concerns over new virus strain, lockdown and weak global cues, fueled by IT, mid and small caps. The additional stimulus announced in the US did not gain much momentum in the global market as the quantum of the benefit was well-factored, but Europe and EMs are maintaining the buoyancy. In the coming days, the market will also focus on Brexit trade deals which is expected to be finalized soon and fallout in the economy due to strict lockdown"

 

3:48 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

Having shrugged off the bear hug yesterday afternoon, the Bulls were in total control on Wednesday as well. The IT big boys led the rally well supported by FMCG stocks. Afternoon trade witnessed a more broad-based uptrend with investors gaining back the confidence

3:47 PM

Market stats :: 170 stocks hit their respective 52-week highs on BSE today

3:46 PM

Index contributors :: Infy, HUL contribute nearly half of Sensex's gain

3:43 PM

Sectoral trends on NSE :: Realty index outruns

3:41 PM

Sensex Heatmap :: HUL, Infy, M&M top gainers; Titan, PowerGrid end lower

3:35 PM

CLOSING BELL :: Indices end higher for 2nd straight day

>> The benchmark S&P BSE Sensex ended the day 437 points, or 0.95 per cent, higher at 46,444 levels, surging 545 points from the day's low.

>> The broader Nifty50 reclaimed 13,600-mark and settled 144 points, or 1.07 per cent, higher at 13,610 levels.

3:26 PM

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2:49 PM

India VIX eases nearly 5%

2:45 PM

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2:34 PM

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