Sensex, Nifty end marginally higher; PSU banks, realty among top gainers, IT drags

Stock market news: Benchmark indices S&P BSE Sensex and NSE Nifty 50 opened Wednesday on a higher note taking cues from positive momentum in other Asian indices and global peers. Finance stocks led by SBIN, HDFC Life and Axis Bank led the gains in Nifty 50 while IT stocks such as Tech Mahindra, Infosys, and TCS led the losses.

Sensex closed 0.33 per cent higher at 72,210.22 while Nifty 50 closed half a point higher at 21,930.50. Coming to broad market indices, Nifty Next 50 rose 1.63 per cent followed by Nifty Smallcap 50, which rose 0.78 per cent and Nifty Midcap 100 which rose 0.75 per cent. In the sectoral indices, Nifty PSU Bank surged 2.86 per cent followed by Nifty Realty which surged 1.84 per cent and Nifty Media which surged 1.20 per cent.
 
“Markets continued with the range-bound bias and ended almost unchanged.  After the gap-up start, Nifty oscillated in a narrow band and finally settled at 21,930.50 levels,” said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.

"Meanwhile, a mixed trend on the sectoral front kept the traders occupied, wherein realty and energy pack were among the top performers while IT and auto took a breather. The broader indices also managed to do well amid consolidation and gained nearly a percent each.

We maintain our positive stance amid consolidation and suggest continuing with a “buy on dips” approach until Nifty holds 21,600. However, participation from the banking and financial majors would be critical for trend resumption. Apart from the domestic factors, we suggest keeping a close eye on global markets for cues," Mishra added.

Vinod Nair, Head of Research, Geojit Financial Services, said "The domestic market exhibited cautious range-bound movement, despite robust PMI data and favourable global cues ahead of RBI policy meet. While no change in stance is anticipated, the RBI's commentary on any hints regarding potential rate cuts and improvements in liquidity will be closely monitored."

Sensex top gainers

• SBIN: 3.78 per cent
• JSW Steel: 2.22 per cent
• Bajaj Finance: 1.87 per cent
• Axis Bank: 1.77 per cent
• Asian Paint: 1.75 per cent

Sensex top losers

• PowerGridCorp: -2.33 per cent
• Tech Mahindra: -2.31 per cent
• Infosys: -1.97 per cent
• TCS: -1.22 per cent
• NTPC: -1.11 per cent

Nifty top gainers

• SBIN: 4.19 per cent
• Grasim: 2.38 per cent
• HDFC Life: 2.24 per cent
• JSW Steel: 2.17 per cent
• Axis Bank: 2.09 per cent

Nifty top losers

• Tech Mahindra: -2.67 per cent
• PowerGridCorp: -2.50 per cent
• Infosys: -1.99 per cent
• Adani Ports: -1.32 per cent
• TCS: -1.23 per cent