Indian stocks surged on Wednesday as investors digested the positive implications of the RBI's massive 50 bps rate cut and funds propped up their Net Asset Values on the last day of the second quarter as well as the half year.
The Nifty rose 106 points to end the day at 7,949 points, near its day's high. A late buying surge into
Axis Bank, IDFC and Wockhardt Pharma were the most active stocks on the National Stock Exchange. Tuesday was the last day for investors to get free shares of the proposed IDFC Bank by buying into parent IDFC, which was the top traded counter with 3.35 crore shares changing hands.
Gains were higher in the broader markets with the CNX 100, CNX 200 and CNX 500 rising by more than 1.4 percent each. The mid cap and the small cap benchmarks were in an uptrend as well. Indices in the sectoral space were up smartly save for the banking and NBFC stocks that came under selling pressure. Benchmarks representing the FMCG, Pharma, Realty and Energy sectors rose more than 1.7 percent each. The Metal Index was the top gainer, surging 3.3 percent as traders covered their short positions.
The Sensex, meanwhile, shut 376 points higher at 26,154 points on the Bombay Stock Exchange. GAIL, Hind Unilever, Hero Motors and Lupin were among top gainers on the index while State Bank and Axis Bank slumped in trade.
ITC, Coal India and Sun Pharma were the top traded stocks on the BSE.
Bulls successfully trounced bears in the wider market with 1,546 stocks advancing compared with 862 that fell.
Sentiment was bullish in the futures and options space with 18 out of 19 sectors advancing with a rise in open positions. Futures of telecom, metals, fertilisers and Capital goods stocks rose smartly in the derivatives space on Wednesday.
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