Snapping two consecutive days of losing run, the stock market's key indices, Sensex and Nifty, surged by around one per cent on Wednesday led by strong buying support in IT, banking and infra stocks.

The 30 stock S&P BSE Sensex ended the day at 55,816.32 points, which is 547.83 points or 0.99 per cent higher when compared with its previous day's close at 55,268.49 points. Earlier, the Sensex started the day in the red at 55,258.29 points and fell to a low of 55,157.99 points in the early morning trade. The Sensex witnessed strong buying support in the afternoon session rising to a high of 55,853.09 points in the intra-day. The Sensex closed in the positive after two consecutive days of sharp drop. The index had slumped by 497.73 points or 0.89 per cent on Wednesday.

The broader Nifty 50 of the National Stock Exchange surged 157.95 points or 0.96 per cent to 16,641.80 points against its previous day's close at 16,483.85 points.The Nifty started the day in the negative at 16,475.35 points and fell to a low of 16,438.75 points in the morning trade. The Nifty touched a high of 16,653.45 points in the intra-day.

Sun Pharma, L&T gain on results

Sun Pharma surged 3.39 per cent to ₹895.50. State Bank of India soared 2.76 per cent to ₹528.35. Larsen & Toubro (L&T) closed 2.67 per cent higher at ₹1,797.20 a day after announcing the strong quarterly numbers. Engineering firm Larsen & Toubro (L&T) on Tuesday reported a consolidated net profit of ₹1,702 crore for the quarter ended June 30, 2022, as compared to ₹1,174 crore recorded in the corresponding period of the last year, registering a year-on-year growth of 45 per cent.The company registered consolidated revenues of ₹35,853 crore for the quarter ended June 30, 2022 recording a y-o-y growth of 22 per cent with strong execution witnessed in the Infrastructure Segment and riding on the sustaining growth momentum in the IT&TS portfolio.

IT stocks up

There was good buying support in IT stocks. Tata Consultancy Services soared 2.33 per cent to ₹3,188.35. HCL Technologies rose 1.61 per cent to ₹928.15. Infosys rose 1.34 per cent to ₹1,471.20. Maruti Suzuki rose 1.62 per cent to ₹8,660.05. Maruti Suzuki India Limited on Wednesday reported a standalone net profit of ₹1,012.8 crore for the first quarter of the current financial year, registering a year-on-year growth of 130 per cent, partly due to a low base. Maruti Suzuki's revenue surged by 50.52 per cent YoY to ₹25,286.30 crore for the quarter ended June 30, 2022, as compared to ₹16,798.70 crore recorded in the corresponding quarter of the last year.

Only five of 30 scrips that are part of the benchmark Sensex close in the red. Bharti Airtel slumped 1.32 per cent to ₹674.80. Kotak Bank, NTPC, Bajaj Finserv and Reliance Industries also closed in the red.

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