Sensex, Nifty50 close higher led by gains in metals, pharma, financial services

• India’s benchmark indices Sensex and Nifty50 closed higher for the second consecutive session, driven by gains in shares of metals, pharmaceuticals and financial services companies.
• Sensex ended 0.64% or 390 points higher at 61,045 while Nifty50 closed 0.62% or 112 points higher at 18,165.
• Hindalco Industries, Tata Steel, L&T, UPL and Wipro were top gainers on the 50-stock index.

India’s benchmark indices Sensex and Nifty50 closed higher for the second consecutive session, driven by gains in shares of metals, pharmaceuticals and financial services companies.

Sensex ended 0.64% or 390 points higher at 61,045 while Nifty50 closed 0.62% or 112 points higher at 18,165.

Hindalco Industries, Tata Steel, L&T, UPL and Wipro were top gainers on the 50-stock index.

Aditya Birla Group's metals flagship Hindalco Industries topped Nifty50 index with nearly 3% gains as it announced plans to raise up to ₹700 crore through issuance of non-convertible debentures.

Earlier on Tuesday, markets closed in the green thanks to a last hour surge, driven by heavyweights like L&T, HDFC twins and Reliance Industries.

“The benchmark indices continued positive momentum for the second day in a row, the Nifty50 ended 112 points higher while the Sensex was up by 390 points. Among sectors, Metal index bounce back sharply, rallied over 1.75 percent whereas despite strong momentum profit booking continued in PSU Bank index,” said Shrikant Chouhan, head of equity research (retail) at Kotak Securities.

Top gainers and losers in the Nifty500 index

The rupee pared its initial losses and settled 44 paise higher at 81.25 (provisional) against the US dollar on Wednesday led by a firm trend in domestic equities outweighing FII outflows.

On Wednesday, while domestic institutional investors (DII) were net buyers of ₹1,225 crore, foreign institutional investors (FII) sold ₹319 crore in equity markets.

“After the adverse performance during the last one and a half months, the Indian market has been advancing in the last 2-3 trading days. The trend is supported by the marginal improvement in FII inflows and upside in domestic investments. The domestic investors are adopting a buy on dip strategy," said Vinod Nair, head of research at Geojit Financial Services.

Crude oil prices edged up on Wednesday on hopes of an increase in demand from China due to the reopening of the economy. Brent crude oil prices gained 1.78% to $87.46 per barrel.

US and Asian markets mixed
Investment bank Goldman Sachs’ weak earnings dragged the Dow Jones Industrial Average down 1.14% on Tuesday, while the S&P 500 closed 0.2% lower. The tech-heavy Nasdaq closed 0.14% up thanks to a jump in Tesla shares.

Asian markets, too, were mixed with only KOSPI declining 0.47% while Nikkei 225 gained 2.50%, Hang Seng gained 0.33%, Taiwan TSEC 50 closed 0.04% higher and the Shanghai Composite ended flat.

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