The S&P BSE Sensex and NSE Nifty 50 indexes closed at highest levels since March 13 in trade on Wednesday led by gains in HDFC, HDFC Bank, Infosys, ICICI Bank, Bajaj Finance and Tata Consultancy Services. The Sensex rose as much as 783 points to hit an intraday high of 32,897.59 and the NSE Nifty 50 index closed above its important psychological level of 9,550. Hopes of an economic stimulus package from the government to spur the economy which has been impacted by the lockdown to slow the spread of COVID-19 pandemic lifted the investor sentiment, analysts said.
The Sensex ended 606 points higher at 32,720 and the NSE Nifty 50 index advanced 172 points to close at 9,553.
Buying was visible across the board. Nine of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Metal index's nearly 4 per cent gain. Nifty PSU Bank, Auto, Financial Services, IT, Media and Private bank sector gauges also rose between 1-2.75 per cent each.
On the other hand, FMCG and Pharma shares witnessed a bout of mild selling pressure.
Mid- and small-cap shares also witnessed buying interest as the Nifty Midcap 100 and Nifty Smallcap 100 indexes rose 1.2 and 0.7 per cent each.
Hindalco was top gainer in the Nifty 50 basket of shares, the stock rose 7 per cent to close at Rs 116. Adani Ports, HDFC, GAIL India, HCL Technologies, Zee Entertainment, HDFC Bank, Mahindra & Mahindra, Coal India and Tata Steel were also among the gainers.
On the flipside, Axis Bank was top loser, the stock dropped over 3 per cent after the bank swung to loss in March quarter from a profit year earlier on higher provisions. The bank reported loss of Rs 1,388 crore.
Asian Paints, Hindustan Unilever, Dr. Reddy's Labs, Titan, IndusInd Bank, Cipla, Nestle India and UPL were also among the losers.
The overall market breadth was positive as 1,399 shares closed higher while 962 closed lower on the BSE.
