The NSE Nifty 50 and BSE Sensex snapped a two-day losing streak on Wednesday, tracking a rise in HDFC Bank Ltd. In the previous session, the benchmark indices ended at over a one-week low.
The Nifty 50 ended 165.20 points or 0.71% higher at 23,330.90, and the Sensex ended 592.93 points or 0.78% higher at 76,617.44.
During the last leg of the trade, the Nifty 50 rose 0.80% to 23,350.00, and the Sensex rose 0.86% to 76,680.35. The Indian benchmark rose in contrast to muted moves in most of the share indices in the Asia-Pacific region.
"We believe that as long as the market is trading above 23,150/76,000, the pullback formation is likely to continue. On the upside, it could move up to 23,500/77,000. A dismissal of 23,500/77,000 could push the market towards 23,650/77,500. Conversely, if the market falls below 23,150/76,000, selling pressure may intensify, and it could slip to the 23,000-22,950/75,500-75,300 range," said Shrikant Chouhan, Head Equity Research, Kotak Securities
HDFC Bank Ltd., ICICI Bank Ltd., Infosys Ltd., Bharti Airtel Ltd., and Zomato Ltd. were added to the Nifty 50 index.
Bharat Electronics Ltd., Larsen & Toubro Ltd., UltraTech Cement, Power Grid Corp of India, and Reliance Industries Ltd. weighed on the benchmark index.
On NSE, 14 sectoral indices ended higher, and one ended lower. The NSE Nifty Realty rose the most, while the NSE Nifty Defence was the only loser.
Broader markets ended higher on BSE. The BSE Midcap and Smallcap indices ended 1.38% and 0.99% higher, respectively.
On BSE, all 21 sectoral indices ended higher with the BSE Consumer Durables ending with the most gains.
Market breadth was skewed in favour of buyers. Around 1,557 stocks advanced, 536 stocks declined on NSE.
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