Transcript
Hi everyone, I am Neha Vashishth from ETMarkets.com and you're listening to ET Market Watch - your daily market wrap up.
There is a very famous quote by investor Peter Lynch that says, "You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets." Well, I think this quote truly describes the current market situation domestically and globally. Market has been down for a week but today the closing bell gave a bit of relief to the stock market.
After 8 straight sessions of losing run, Indian equity markets finally ended in the green on Wednesday, led by index heavyweights Reliance, TCS, Axis Bank and SBI.
While Sensex rose 449 points or 0.76% to end at 59,411, Nifty50 ended at 17,451, up 147 points or 0.85%. The market capitalisation of all listed companies on BSE surged by Rs 3.28 lakh crore to Rs 261 lakh crore.
From the Sensex pack, SBI, Axis bank, IndusInd Bank, Tech Mahindra and TCS were the top gainers, rising over 2% each. HCL Tech, Tata Steel, Maruti, Tata Motors and Wipro also ended in the green. On the other hand, only Power Grid and HDFC Bank ended with losses.
Shares of Gautam Adani's flagship entity Adani Enterprises ended 14.7% higher on the BSE. Meanwhile, Adani Green Energy, Adani Power, Adani Total Gas, Adani Transmission and Adani Wilmar ended with a 5% upper circuit.
Sector-wise, Nifty Metal rose 3.96% and Nifty PSU Bank advanced 2.98%. Nifty IT and Nifty Auto also closed higher. In the broader market, Nifty Midcap50 surged 1.31% and Smallcap50 rose 1.30%.
S Ranganathan, Head of Research at LKP securities said, "Benchmark Indices finally tasted a tinge of green in today's trade on the back of monthly automotive volume numbers and healthy GST collections in a shorter month. Even as the Street reacted to the third quarter GDP numbers today, markets seem to look forward towards the 5% GDP during Q4."
Global Markets
Asian shares were higher on Wednesday after reports on key measures of China manufacturing showed a strong recovery after anti-virus controls were lifted late last year.
Hong Kong’s Hang Seng index jumped 4.21% and China's Shanghai Composite gained 1%. Japan’s benchmark Nikkei 225 rose 0.26%.
UK's FTSE 100 opened higher on Wednesday, with energy stocks and miners in the lead as commodity prices surged after data showed manufacturing activity at top metals consumer China expanded at the fastest pace in over a decade. The blue-chip FTSE 100 was up 0.45%.
Crude rises
Oil extended gains for a second session on Wednesday after a strong jump in manufacturing in China boosted the outlook for global fuel demand. Brent crude rose 45 cents, or 0.5%, to $83.90 a barrel at 0910 GMT. US West Texas Intermediate (WTI) crude gained 49 cents, or 0.6%, to $77.54.
Rupee strengthens
The rupee rose 7 paise to close at 82.51 against the dollar on Wednesday. The dollar index declined 0.48% to 104.37 level.
That's all for today, stay tuned with ETMarkets.com for latest stock market news, market analysis, investment strategies and more. Enjoy your evening.