Share markets in India continued to rally and finished on a strong note for third consecutive session on the back of positive quarterly results and strong global markets.
NSE Nifty closed up 126.95 points or 1.5 percent at 8602.75, while BSE Sensex was up 332.56 points or 1.2 percent at 27708.14.
Asian markets finished broadly higher today building on Wall Street’s overnight rally with shares in Japan leading the region. The Nikkei 225 is up 1.43% while Hong Kong’s Hang Seng is up 0.43% and China’s Shanghai Composite is up 0.22%. European markets are also higher today with shares in Germany leading the region. The DAX is up 1.23% while France’s CAC 40 is up 1.13% and London’s FTSE 100 is up 0.56%.
IT sector is still witnessing the pressure. Nifty IT closed at 10164.45 level losing 37.15 points or 0.36%. TCS outperformed the IT index to close in green, up by 1.67%.
Nifty Private Bank was leading the bunch of sectoral indices on NSE. The index closed at 10812.55 level, gaining 2.54%. Kotak Bank was the top gainer in the private banks. The stock closed at Rs 793.90 per share, up by Rs 50.55 per share or 6.80%.
BSE Finance emerged as top gainer in Wednesday’s session, and closed up by 2.59%. HDFC contributed 25% to the index gains and pushed the index to higher level.
IT, Telecom, Utilities, Power and Teck were showing weakness on BSE with Telecom being the top loser.
All the European major indices are currently trading in green. CAC 40 is trading up by 8.62 points and DAX is trading up by 49.18 points.
Siemens said the zero hour overhauling will be first of its kind in India and involves the overhaul of power turbines to zero hour status. Under the new concept of zero hour overhaul, the power turbine will perform almost as new and will be capable of a safe run of another 100,000 hours before the next overhaul. This will help in reducing down-time and increase in productivity.
Siemens share price finished the trading day up by 1% on the BSE.
In another development, BHEL in association with ABB, has bagged a project from Power Grid Corp. BHEL’s scope of work is valued at Rs 13.6 billion for setting up an 800 kV, 6,000 MW HVDC link between Western Region Grid (Raigarh, Chattisgarh) and Southern Region Grid (Pugalur, Tamil Nadu).
The rupee was trading at 68.07 per US dollar.
There were 874 advances, 589 declines; and 85 remained unchanged in Wednesday’s trading session, showing strong positive bias floating in the market.
Top 5 Nifty Gainers: HDFC (3.76%), Adani Ports & Sez (3.72%), Hero Motocorp (3.15%), Axis Bank (3.05%), and Coal India (2.42%).
Top 5 Nifty Losers: Wipro (-1.68%), Bharti Airtel (-1.50%), Infosys Ltd. (-1.06%), Reliance Ind. (-1.03%) and NTPC (-0.84%)
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