The benchmark equity indices closed higher on Wednesday, resuming advances after a one-day blip on Tuesday.
The NSE Nifty 50 ended 37 points, or 0.15% higher at 25,141, while the BSE Sensex closed 123 points, or 0.15% up at 82,515. During the day, the Nifty rose 0.47% to trade at 25,222.49 and the Sensex advanced 0.48% to 82,783.51.
"The markets witnessed an inverted V-shaped movement, as after a muted start, the index had surged higher, led by strength in IT stocks. However, overbought conditions in the Midcap and Smallcap segments triggered a sharp decline across the board; but the index recovered from the lower levels and eventually settled the trade higher at 25,141.40 with gains of 37.15 points," said Aditya Gaggar, director of Progressive Shares.
Shares of Grasim Industries Ltd., Dr. Reddy's Laboratories Ltd. and Tech Mahindra Ltd. were the top gainers.
Trent Ltd., Maruti Suzuki India Ltd. and Asian Paints Ltd. were among the biggest laggards.
In terms of points contribution, Infosys Ltd. and Reliance Industries Ltd. were among stocks that led gains in the index.
HDFC Bank Ltd., Power Grid Corp. and Shriram Finance Ltd. dragged the index the most.
On NSE, nine out of 15 sectors ended in the red, with Nifty Oil & Gas, IT and Pharma among the top losers.
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The broader market indices ended mixed; the BSE MidCap closed down 0.12%, while the BSE SmallCap gained 0.06%.
The market breadth was skewed in the favour of the buyers as 2,228 stocks advanced, 1,824 declined and 124 remained unchanged on the BSE.
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