sensex today: Market Watch: Up move likely to gather speed | The Economic Times Podcast

Indian equity markets recovered from the day’s low and closed higher today. The 30-share BSE benchmark Sensex rose 243 points or 0.40% to settle at 61,275. The broader NSE Nifty surged 86 points or 0.48% to end at 18,016.

Meanwhile, the market capitalisation of all listed companies on the BSE increased by Rs 1.30 lakh crore to Rs 267.30 lakh crore.

From the Sensex pack, Tech Mahindra and Reliance were the gainers, rising 5.5% and 2.5%, respectively. Bajaj Finserv, Bharti Airtel, M&M, Nestle, Tata Steel, Kotak Bank and Tata Motors also ended with gains. On the other hand, ITC, HUL, Sun Pharma, HDFC, IndusInd Bank and L&T closed with cuts.

On the back of strong Q3 results, Eicher Motors and Adani Enterprises also closed with gains.

Sector-wise, Nifty IT surged 1.13% and Nifty Auto rose 0.98%. Banks, financial, media, metal, realty, healthcare, consumer goods and oil & gas stock also closed higher. In the broader market, Nifty Midcap50 advanced 0.62% and Smallcap50 rose 0.37%.

Asian stocks fell and European markets opened mixed on Wednesday after US inflation edged down less than expected, fueling concerns that the Federal Reserve might think more interest rate hikes are needed.

Oil dropped for a second day as an industry report pointed to ample supplies in the United States and anticipation of further interest rate hikes sparked concerns over weaker fuel demand and economic outlook.

The rupee hit a one-month low, tracking its Asian peers, while forward premiums eased on worries over the US Federal Reserve’s interest rate hike trajectory.

Mr Jatin Gedia of Sharekhan said with the daily and hourly momentum indicator having a positive crossover, the up move is likely to gather speed on the upside.

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