Indian benchmark indices closed Wednesday’s session on a positive note, backed by strong gains in IT and auto stocks. The Sensex ended the day at 80,116.49, up by 520.90 points or 0.60%, while the Nifty closed at 24,328.95, gaining 161.70 points or 0.67%
India’s market volatility index, the India VIX, rose nearly 5%.
Let’s take a look at six key highlights from today’s trading action:
Tech stocks lead the charge
Technology stocks were the star performers of the day. The Nifty IT index surged 4%, riding high on strong buying interest. HCL Technologies stood out with a sharp 8% jump, while other heavyweights such as Wipro, Infosys, Coforge, and Tech Mahindra rallied between 2% and 8%.
HCL Tech, Tata Motors among top gainers
Among the top-performing stocks of the day, HCL Tech led with a 7% gain. Tata Motors, Tech Mahindra, and Wipro also rose nearly 4% each. Infosys, Mahindra & Mahindra, and Jio Financial Services added to the rally, all ending the day with healthy gains.
Grasim, HDFC Bank among the laggards
Despite the broad rally, a few stocks underperformed. Grasim Industries slipped over 2%, while HDFC Bank closed nearly 2% lower. Other notable laggards included Kotak Mahindra Bank, State Bank of India, and Eicher Motors, which ended in the red and capped some of the day’s gains.
Sensex’s road back to 80,000
The Sensex has finally edged to the 80,000 mark, a level it last touched on January 3rd, 110 days ago (or 73 trading sessions). Since then, the index has seen multiple rallies. One began on March 4th when the Sensex opened at 72,817.34 and continued till March 25th, closing at 78,017.19. This was a 7.14% gain, or 5,199.85 points. A bigger surge came between June 5th and September 26th, during which the Sensex jumped from 73,027.88 to 74,382.24, a 17.54% rally and a gain of 12,808.24 points.
Nifty’s strong uptrend continues
The Nifty’s recent performance has been equally impressive. Its strongest rally began on June 5th, 2024, at 22,128.35 and peaked on September 26th at 26,216.05. This upward journey resulted in an 18.47% rise, or 4,087.70 points, highlighting strong investor confidence in India’s economic prospects.
Nifty trading snapshot- Over 1500 stock advance
A total of 2,931 stocks were traded on the NSE, with 1,516 advancing and 1,340 declining, while 75 stocks remained unchanged. The day also saw 50 stocks hitting their 52-week highs and 7 touching 52-week lows. In terms of circuit movements, 124 stocks hit their upper circuits, while 41 were locked in their lower circuits.
Rupee ends lower
The Indian rupee closed 23 paise weaker at 85.42 against the US dollar on Wednesday, compared to the previous close of 85.19 on Tuesday.