The Indian stock markets have continued their rallying trend. The markets are now firmly gripped by a bullish run on the back of no major budget amendments made concerning investments. The Sensex index closed over 50,000 points for the first time, while the Nifty wrapped up Wednesday nearly 1% higher.
The S&P BSE Sensex closed Wednesday at the 50,255.75 levels. It shot up by 458.03 points or 0.92% over the day. Among the 30 stocks that form the Sensex index, 23 advanced while the remaining closed the day on a negative note. The gains were led by IndusInd Bank and PowerGrid, as their share price soared 7.65% and 6.28% respectively.
They were followed by the pharma stocks of Dr Reddy’s and Sun Pharma. Their share price went up by 3.71% and 3.29% respectively. NTPC, Axis Bank, Titan, Tech Mahindra, and Mahindra and Mahindra saw their share price move ahead by 3.13%, 2.79%, 2.59%, 2.44% and 2.01% respectively.
UltraTech Cement, Maruti and ITC dragged the index down; their share prices tanked by 0.90%, 0.89% and 0.66% respectively. Kotak Bank, Asian Paints, Nestle India and TCS are the other Sensex stocks to close Wednesday in the negative terrain. Hindustan Unilever closed the day nearly flat as its share price saw a positive movement of a meagre 0.03% over the day.
The NSE Nifty 50 closed the day higher by 0.97% or 142.10 points. It folded at 14,789.05 points to mark the close of Wednesday’s trading hours. Among the fifty stocks that form the Nifty index, only 10 declined while the remaining 40 closed in the positive territory. IndusInd Bank and PowerGird emerged as the top gains in the Nifty index. On the other hand, Shree Cement and UPL turned out to be the most significant losers.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
