Mumbai: Domestic stock markets saw a rise on Wednesday on a favorable stance from investors hoping for diplomatic efforts to resolve the Ukraine crisis. During this period, Sensex and Nifty rose more than two percent due to buying in Reliance Industries and HDFC. The 30-share index opened on a positive note and at one point managed to gain up to 1,469.64 points with investor support. However, it declined a bit later due to some profit-booking.
At the end of trading, it closed at 54,647.33 points, up 1,223.24 points, or 2.29 per cent. Similarly, the Nifty of the National Stock Exchange also saw a rise of 331.90 points, or 2.07 percent, and closed at 16,345.35 at the end of trading. Asian Paints, Reliance Industries Ltd, Bajaj Finance, Mahindra & Mahindra, IndusInd Bank, Bajaj Finserv, Maruti Suzuki, HDFC Bank and UltraTech Cement were among the gainers in the Sensex pack. Shares of these companies closed with a jump of up to 5.56 percent.
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Asian Paints was the biggest gainer with a gain of 5.56 per cent. After this, the stock of Reliance Industries was successful in taking a gain of 5.24 percent. Bajaj Finserv gained 5 per cent and HDFC Bank gained 3.29 per cent. In comparison, POWERGRID CORPORATION, NTPC, TATA STEEL, Nestle India and Wipro were the losers. A special feature of Wednesday’s business was that there was strong support for the companies in the aviation sector. The government’s announcement to start international flights after a long gap of two years triggered demand for aviation stocks.
Shares of InterGlobe Aviation rose 6.94 per cent and SpiceJet by 6.05 per cent. Vinod Nair, Head of Research, Geojit Financial Services, said, “Domestic indices continued the rally in the market on Tuesday. Investors are finding their current valuations in the Indian market better amid sluggishness in European markets and US futures trade.” Nair said that the domestic market is showing a positive trend on the exit polls on the assembly elections.
The next trend of the market will depend on whether the results of the five states are positive or negative, he said. In other Asian markets, Hong Kong, Shanghai and Tokyo declined. US stock markets closed at negative levels on Tuesday. On the other hand, the European markets saw an increase in the afternoon session. Meanwhile, international oil benchmark Brent crude fell 1.22 per cent to USD 126.4 per barrel. The selling trend of foreign investors in the Indian market continues. According to available data, foreign institutional investors sold shares worth Rs 8,142.60 crore on Tuesday. (agency)