Wednesday’s stock market developments showed some much-awaited signs of relief as equity parameters erased most of the intraday gains due to profit booking but ended in the positive territory as investors focussed on the prospect that economies are re-opening across the world from COVID-19 pandemic.
At the closing bell, the BSE S&P Sensex was up by 284 points or 0.84 per cent at 34,110 while the Nifty 50 edged higher by 82 points or 0.83 per cent at 10,062.
Except for Nifty IT and metal, all sectoral indices at the National Stock Exchange were in the positive zone with Nifty PSU bank up by 5.1 per cent, realty by 3.1 per cent and financial service by 1.9 per cent.
Among stocks, IndiGo’s parent company InterGlobe Aviation jumped by 8.4 per cent to close the day at Rs 1,025.55 per share despite the company reporting a net loss of Rs 871 crore in the quarter ended March.
Mahindra & Mahindra accelerated by 5.4 per cent while Bajaj Finance gained by 3.1 per cent.
State Bank of India was up by 2.5 per cent, Kotak Mahindra Bank by 3.1 per cent, ICICI Bank by 2.6 per cent and HSFC Bank by 2.2 per cent.
The other prominent gainers were Nestle India, ONGC and Tata Motors. However, those which lost were Wipro, Infosys, Maruti Suzuki, Bharti Airtel and IndusInd Bank.
Meanwhile, Asian shares rose to a near three-month high amid hopes of more stimulus and further easing in social restrictions around the world from coronavirus lockdown.
Japan’s Nikkei rose by 1.29 per cent to its highest level since late February while Hong Kong’s Hang Seng inched up by 1.37 per cent and South Korea’s Kospi by 2.87 per cent.