A mild pullback in oil prices and bond yields made investors turn to riskier assets on Wednesday. Global equities, including domestic ones, rose today with the benchmark BSE Sensex and the NSE’s Nifty climbing 1.1 per cent each. Volatility index, India VIX, cooled off 5.7 per cent.
The S&P BSE Sensex opened with a positive gap of over 300 points, and build on its gains as the day progressed. It hit an intra-day high of 58,508 before settling at 58,465 level, up 657 points.
Only 3 stocks — Sun Pharma, PowerGrid, and ITC — ended in the red on the Sensex, while gains were led by Maruti Suzuki (up 4 per cent), IndusInd Bank, HDFC Bank, Bajaj Finserv, Wipro, and Titan Company.
On the NSE, the Nifty50 closed at 17,464, up 197 points. Here, 8 stocks ended in the red, including ONGC (down 2 per cent), BPCL, Tata Steel, SBI Life, and HDFC Life.
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty has formed a green candle after a Dragonfly Doji pattern on the daily chart, which suggests a short-term bullish reversal.
“On the higher end, immediate resistance is visible at 17,530. A decisive move above 17,530 may induce a rally towards the recent peak of 17,775-17,800. On the lower end, support is placed at 17,315,” he said.
In the broader markets, the BSE MidCap index marginally outperformed the frontline indices as it ended 1.23 per cent up. The BSE SmallCap index, on the other hand, added 0.45 per cent.
Among sectors, only PSU Bank and Oil & Gas indices closed in the red zone, down 0.6 per cent and 0.24 per cent, respectively. On the flipside, the Nifty Auto index was the top gainer, up over 2 per cent.