Benchmark indices were trading 1 per cent higher during the afternoon on Wednesday, led by financials, metals and auto.
The market opened on a positive note despite weak global cues. Indices extended early gains, witnessing strong buying across multiple counters, including financials, metals, auto and IT. Pharma, healthcare and consumer durables saw profit-booking.
At 1 pm, the BSE Sensex was trading at 57,696.98, up 632.11 points or 1.11 per cent. It recorded an intraday high of 57,846.45 and a low of 57,365.85. The Nifty 50 was trading at 17,169.65, up 186.45 points or 1.1 per cent. It recorded an intraday high of 17,213.05 and a low of 17,079.75.
IndusInd Bank, Axis Bank, Eicher Motor, Maruti and JSW Steel were the top gainers on the Nifty 50 while DR Reddy, IOC, Divi’s Lab, ONGC and Cipla were the top losers.
According to Gaurav Garg, Head of Research, Capitalvia Global Research Ltd, investor sentiments were boosted by “better-than-expected macroeconomic data and advances in other Asian markets, as well as a drop in crude oil prices.”
For the second quarter, India’s GDP growth rate reached 8.4 per cent, core sector growth touched 7.5 per cent, and the fiscal deficit for seven months came in at 36.3 per cent.
Furthermore, the GST collection for November stood at ₹1.31 lakh crore, the second-highest GST collection since the inception of GST.
Pharma, healthcare, consumer durables under pressure
On the sectoral front, a majority of indices were in the green. Financials, metals, auto, and IT recovered while pharma, healthcare, and consumer durables were under pressure.
Nifty Bank and Nifty Financial Services were up 1.63 per cent and 1.23 per cent, respectively. Nifty Private Bank and Nifty PSU Bank were up 1.82 per cent and 1.29 per cent, respectively. Nifty Metal was up 1.41 per cent, while Nifty Auto was up 1.27 per cent. Nifty IT was up 1.26 per cent.
Meanwhile, Nifty Pharma and Nifty Healthcare Index were down 0.98 per cent and 1.15 per cent, respectively. Nifty Consumer Durables was down 0.33 per cent.
Broader indices
Broader indices were also in green. Smallcaps witnessed profit-booking.
Nifty Midcap 50 was up 0.75 per cent, while Nifty Smallcap 50 was up 0.06 per cent. The S&P BSE Midcap was up 0.54 per cent, while the S&P BSE Smallcap was up 0.09 per cent.
The volatility index softened 5.24 per cent to dip below 21 at 20.06.