Sensex, Nifty End At Over Two Month High Led By HDFC Bank, ICICI Bank, Axis Bank: Market Wrap
The Nifty 50 ended 206.9 points, or 1.04% higher at 20,096.60, while the Sensex gained 727.71 points or 1.1% to close at 66,901.91
India's benchmark stock indices extended gains for the second consecutive day to end at over-two-month high on Wednesday, led by gains in HDFC Bank Ltd, Axis Bank Ltd, and ICICI Bank Ltd.
The NSE Nifty 50 ended 206.9 points, or 1.04% higher, at 20,096.60, the highest level since Sept. 15, while the S&P BSE Sensex gained 727.71 points, or 1.1%, to close at 66,901.91, the highest level since Sept. 18.
"Technically, the market maintained positive momentum throughout the day after a strong start," said Shrikant Chouhan, head of equity research at Kotak Securities.
"A bullish candle on the daily chart and the formation of a higher high and higher low series on the intraday chart suggest that an uptrend wave is likely to continue in the near future. For trend-following traders, 19800–19760 for the Nifty and 66000–65900 for Sensex would act as a crucial support zone," he said.
Shares of HDFC Bank, Axis Bank, ICICI Bank, Infosys, and Mahindra and Mahindra gained, whereas those of Adani Enterprises, Oil and Natural Gas Corporation, Titan Company, Nestle, and Divi's Laboratories fell.
All sectoral indices rose except Nifty Media and Nifty Realty, which fell 0.1% and 0.5%, respectively. Nifty Auto, Nifty Bank, and Nifty IT gained over 1.5%.
The market breadth was skewed in favour of the buyers. About 2,017 stocks rose, 1,577 declined, and 130 remained unchanged on the BSE.
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