Mumbai, Feb 21: Driven by gains in index heavyweights such as ITC and Tata Consultancy Services (TCS), coupled with a rise in financials, the market on Wednesday ended on a strong note. The Sensex ended over around 140 points higher, while the Nifty ended just three points below 10,400.
The Street began on a gap-up note, with the Sensex gaining over 180-odd points, while the Nifty too reclaimed 10,400. But selling pressure was visible in the first couple of hours as indices swung in a tight range around the flatline. But a recovery in financials, PSU banks and private banks, helped the market push up higher.
In the broader market, midcaps erased most of its losses and ended flat. Meanwhile, gains were visible in IT names along with Nifty Bank and Nifty PSU bank. Metals and pharmaceuticals were the top losers among these, falling 1-2 percent.
“The sentiment was weak across the globe as well with the US market exercising caution ahead of the release of the US Federal Reserve’s minutes of its last monetary policy meeting. Asian and European equity market also saw mixed trends. Though the market is expected to see near-term volatility, domestic investors seem to be optimistic on the Indian economy’s long-term growth potential and have been buying steadily since the start of the year,” Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund said in a statement.
The Sensex closed higher by 141.27 points or 0.42% at 33844.86, while the Nifty was up 37.10 points or 0.36% at 10397.50. The market breadth was negative as 1122 shares advanced, against a decline of 1584 shares, while 212 shares are unchanged.
TCS, HCL Tech, Tech Mahindra and ITC were the top gainers, while Sun Pharma, IndusInd Bank, and Hindalco lost the most.
Among commodities, gold tumbled by Rs 250 to Rs 31,450 per ten gram at the bullion market today in tandem with a weakening global trend amid easing demand from local jewellers.
Silver followed suit and slipped by Rs 140 to Rs 39,300 per kg on reduced offtake by industrial units and coin makers.