Financials, metals help Sensex end 100 points higher, Nifty above 10,700; OMCs take a hit

Gains in metals, IT and banking names helped the market close on a positive note, with the Sensex ending over 100 points higher, while the Nifty managed to end above 10,700.

The day began on an absolutely flat note and indices actually managed to trade in the red for a brief period. But a recovery in banks, cements, TCS and RIL pushed up indices in the last couple of hours of trade. This is despite tepid global cues as oil prices touched USD 76 a barrel mark following US President Donald Trump’s announcements.

In case of sectors, IT, metals, bank and energy names held the market higher, while PSU banks, pharmaceuticals, and FMCG were a drag. Midcaps, meanwhile, continued its lower streak, with the Nifty Midcap index ending over half a percent lower.

The Sensex is up 103.03 points at 35319.35, while the Nifty was up 23.90 points at 10741.70. The market breadth is negative as 1174 shares advanced, against a decline of 1496 shares, while 144 shares are unchanged.

Tata Motors, Asian Paints, and Titan were the top gainers, while Sun Pharma, NTPC, BPCL and UltraTech Cement lost the most.

Among stocks, Tata Motors jumped 3 percent on the back of higher global sales for Jaguar Land Rover.

Meanwhile, Hindalco ended around one third of a percent lower before witnessing a surge. This was largely on the back of strong earnings from its subsidiary Novelis.

OMC stocks took a hit on the back of higher crude oil prices. HPCL and BPCL ended the day around 1 percent lower. Aviation stocks, too, were hit due to higher oil prices and were trading lower up to 2 percent.

Shares of Sintex Industries rose 8 percent after it posted robust numbers during the quarter ended March 2018.

Arvind gained nearly 5 percent intraday Wednesday as company reported strong numbers in the quarter ended March 2018.

Among global markets, European shares were trading higher as investors looked to digest the news of US pulling out of the Iran nuclear accord. European Stoxx 600 was up 0.25 percent.

Meanwhile, Asian stocks closed slightly lower following Trump's announcement, which led to a surge in oil prices. Nikkei 225 declined 0.44 percent at the end of the session.

Gold prices were up by 0.16 percent to Rs 31,260 per 10 grams in futures trade today as speculators created fresh positions, ignoring weak global cues.

At the Multi Commodity Exchange, gold for delivery in June month edged up by Rs 50, or 0.16 percent to Rs 31,260 per 10 grams in business turnover of 335 lots.