Sensex soars above 51,000-mark as IT, finance stocks sparkle

Mumbai: The BSE Sensex returned to winning ways on Wednesday after a day’s pause as technology, finance and auto counters witnessed robust buying amid a largely positive trend in Asian markets.

Overcoming a tepid start, the 30-share benchmark gained momentum through the session to end 379.99 points or 0.75 per cent higher at 51,017.52. The Sensex reclaimed the 51,000-level after March 10 this year.

The broader NSE Nifty extended its winning run to the fourth consecutive session, climbing 93 points or 0.17 per cent to finish at 15,301.45.

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Bajaj Finserv was the top performer in the Sensex pack, rallying 4.82 per cent, followed by Bajaj Finance, Infosys, Maruti, HDFC, L&T, Tech Mahindra and M&M.

On the other hand, PowerGrid, NTPC, ONGC, Kotak Bank, Dr Reddy’s, HDFC Bank, ITC and Bharti Airtel were the losers, dropping up to 3.11 per cent.

“Domestic equities remained upbeat as improved visibility about economic recovery from 2QFY22 continued to lift investors’ sentiments,” said Binod Modi, Head – Strategy at Reliance Securities.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Domestic markets started cautiously positive and witnessed a strong rebound as it gained momentum from expectations of another set of relief measures. The new stimulus package is expected to focus on boosting the worst-hit sectors like tourism, aviation and hospitality along with MSMEs.”

Value buying was seen in the IT sector while metal stocks remained in the correction phase due to muted international commodity prices, he added.

Sector-wise, BSE realty, IT, teck, finance and auto indices rose as much as 2.85 per cent, while metal, power, utilities and basic materials closed with losses.

In the broader markets, the BSE midcap index dropped 0.14 per cent, while the smallcap gauge spurted 0.69 per cent.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red. Equities in Europe were trading on a mixed note in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading flat at USD 68.50 per barrel.

The foreign exchange (forex) market was closed on account of Buddha Purnima.

India on Wednesday reported 2,08,921 coronavirus infections, pushing the overall tally of cases to 2,71,57,795, according to Union Health Ministry data.

The death toll also climbed to 3,11,388 with 4,157 fatalities reported in a 24-hour period.

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