Benchmark indices were trading nearly 2 per cent higher during the afternoon on Wednesday.
Market opened on a positive note despite mixed global cues and soaring oil prices. Indices extended gains in the first half and were trading higher during the afternoon, witnessing broad-based buying, tracking gains in heavyweights such as Reliance.
At 1 pm, the BSE Sensex was trading at 54,478.87, up 1,054.78 points or 1.97 per cent, near the day’s high of 54,494.35. It recorded an intraday low of 53,367.52. The Nifty 50 was trading at 16,300.25, up 286.80 points or 1.79 per cent, near the day’s high of 16,300.45. It recorded an intraday low of 15,990.00.
Reliance, M&M, Adani Ports, Ultratech Cement and Grasim were the top gainers on the Nifty 50 while Shree Cement, ONGC, Powergrid, NTPC and JSW Steel were the top losers.
Near-term volatility is likely to remain in light of the Russia-Ukraine crisis amid rising crude oil prices and inflation concerns, as per analysts.
Nifty Metal down
On the sectoral front, all indices except Nifty Metal were in the green. Nifty Metal was down 0.14 per cent.
Meanwhile, Nifty Pharma, Nifty Healthcare Index and Nifty Realty were each trading over 2 per cent higher. Nifty Auto and Nifty IT were up nearly 2 per cent. Nifty Financial Services and Nifty Consumer Durables were each up 1.5 per cent. Nifty Bank, Nifty Private Bank, Nifty PSU Bank and Nifty FMCG were trading over 1 per cent higher each.
Broader indices
Broader indices were trading higher.
Nifty Midcap 50 was up 1.96 per cent while Nifty Smallcap 50 was up 2.01 per cent. The S&P BSE Midcap was up 1.89 per cent while the S&P BSE Smallcap was up 1.88 per cent.
The volatility index softened 2.23 per cent to 27.95.