Sensex Soars 267 Points, Nifty Closes Above 10,750; Bajaj Auto, Maruti Lead Gains

Domestic stock markets closed Wednesday's session on a positive note. The S&P BSE Sensex rose 266.80 points, or 0.75 per cent, to close at 35,645.40. The NSE's Nifty50 index surged 70 points or 0.65 per cent and settled at 10,769.90. Domestic equity indices closed in green as government's decision to raise the minimum support price (MSP) or purchase price for paddy crops up to Rs. 200 per quintal boosted sentiment. Both indexes ended at their highest closing levels since June 22. Gains were mainly led by auto, bank and energy stocks despite weak global cues amid concerns related to trade war and macro conditions. 

The top gainers in the Sensex pack were Bajaj Auto, Maruti, Hindustan Unilever, HDFC, Reliance Industries and HDFC Bank, rising between 1.54 per cent to 4.33 per cent, whereas NTPC, Vedanta Limited, ONGC, Bharti Airtel, Tata Motors and Adani Ports were the major laggards, ending with losses between 0.77 per cent to 1.64 per cent.

On the NSE, Bajaj Auto, Lupin, HDFC, Maruti and Bajaj Finserv were leading the pack, rising between 2.30 per cent to 4.42 per cent while Hindustan Petroleum, Cipla, Grasim, Vedanta and NTPC lost the most, ending with losses between 1.32 per cent to 2.59 per cent.

Reliance Industries closed 2 per cent higher ahead of its 41st annual general meeting scheduled on Thursday.

The government hiked the minimum support price (MSP) or purchase price for paddy crops up to Rs. 200 per quintal as it looked to fulfill its poll promise to give farmers 50 per cent more rate than their cost of production.

The services sector returned to growth during June and registered the fastest rate of expansion in a year, supported by robust increase in new business orders, said a monthly survey. 

Pharma stocks were among the top percentage gainers on the NSE, as the Nifty Pharma index rose as much as 1.5 per cent to its highest in over a week. Lupin Ltd were up about 3.8 per cent on NSE.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,043.31 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 278.84 crore on Tuesday, as per provisional data. European markets fell at the start of trade, tracking weak global cues. (With Agencies inputs)