Gains in auto, banking and it stocks supported the markets
Domestic stock markets ended a choppy session on Wednesday mildly higher, extending recent gains to a fourth straight day led by better-than-feared corporate earnings and upbeat expectations around coronavirus treatments. The S&P BSE Sensex index rose as much as 0.69 per cent - or 267.67 points - to 39,111.55 during the session, whereas the broader NSE Nifty 50 benchmark climbed to as high as 11,561.75, up 89.5 points - or 0.78 per cent - from its previous close. Gains in auto, banking and it stocks supported the markets, however losses in select consumer goods and pharmaceutical shares limited the upside.
The Sensex ended 230.04 points - or 0.59 per cent - higher at 39,073.92, and the Nifty settled at 11,549.60, up 77.35 points - or 0.67 per cent - from its previous close.
Tata Motors, Hero MotoCorp, IndusInd Bank, Zee Entertainment and Kotak Mahindra Bank, closing with gains of between 2.90 per cent and 8.89 per cent, rose the most among the 32 percentage gainers in the 50-scrip Nifty basket. On the other hand, Bharti Airtel, UltraTech Cement, Asian Paints, Maruti Suzuki and HDFC Life, ending between 1.14 per cent and 2.87 per cent lower, were the top Nifty losers.
Reliance Industries, Infosys and Kotak Mahindra Bank were the top contributors to the gain in Sensex.
Auto stocks rose after Finance Minister Nirmala Sitharaman said GST rates applicable to two-wheelers merited a revision and the matter would be taken up with the GST Council.
Automakers in India have argued for temporary tax cuts on vehicles, to try to boost sales and generate revenue after the coronavirus outbreak hit demand.
Analysts awaited the release of official data on the country's gross domestic product due next week for more clarity on the damage caused by the coronavirus pandemic.
Global equity markets rose on optimism about US-China trade negotiations and expectations of ample central bank stimulus.
Investors will also track a speech from Federal Reserve Chairman Jerome Powell at Jackson Hole on Thursday, which is expected to provide further clarity on the US central bank's view on inflation and monetary policy.
