Asian markets were trading higher as China tried to assuage investors following the crackdown on technology companies. The Fed statement suggested that ongoing vaccinations were helping to support the economy, said an analyst.
The 30-share pack Sensex advanced 209.36 points or 0.40 per cent to close at 52,653.07. Its broader peer NSE Nifty rose 69.05 points or 0.44 per cent to 15,778.45.
“Despite the hawkish commentary from Fed, it did not signal a rush to taper the stimulus measure. China’s attempt to calm investor’s nerves also helped the market to take a breather. Meanwhile, metal stocks were sparked by the huge infrastructure fiscal package finalized in the US, in anticipation of high demand,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- India VIX, a barometer of volatility, declined 6 per cent as the F&O series expires
- Ramco Systems tanks 12 per cent after reporting loss in Q1
- Paper stocks rallied as analysts predict supply constraints
- IPO watch: Glenmark Life subscribed 27x, Rolex Rings 8x
- Tejas Networks surges 5 per cent after Tata Sons announce buyout
Among the blue-chip names, Hindalco was the top gainer, rising 10.17 per cent. Tata Steel, SBI, Bajaj Finserv, JSW Steel, Tata Motors, HCL Tech, Bajaj Finance, Sun Pharma and Titan were other gainers.
Maruti Suzuki was the top loser in the Nifty pack, falling 2.32 per cent. Power Grid, Bajaj Auto, ITC, Coal India, Dr Reddy’s Labs, HUL, Divi’s Labs, Cipla and Hero Moto were others that ended in the red.
Broader market indices ended higher outperforming their headline peers. Nifty Smallcap rose 0.91 per cent and Nifty Midcap climbed 0.72 per cent. Nifty 500, the broadest index on NSE, ended down 0.48 per cent.
National Aluminium, Balrampur Chini Mills, NBCC, Coforge, Union Bank of India, and Gujarat State Petronet were top gainers from mid and smallcap indices, climbing in the range of 6-10 per cent.
Alkyl Amines, Route Mobile, Century Textiles, LIC Housing Finance, Dixon Technologies and Laurus Labs were major losers from broader market space, falling in the range of 3-6 per cent.
The sectoral matrix on the NSE was mixed. Nifty Metal climbed 5.02 per cent while Nifty IT followed with a 1.39 per cent gain. Nifty FMCG was the top loser, dropping 1.02 per cent. Nifty Auto and Nifty Pharma were other losers.
Market breadth was in favour of gainers as 1,936 stocks ended in the green, while 1,254 names settled with cuts. As many as 467 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 21 names hit 52-week lows, mostly from the microcap space. About 490 stocks hit upper circuit limits and 220 lower circuit limits.
European markets were trading higher. London-based FTSE was up 0.91 per cent while Paris and Frankfurt advanced 0.69 per cent and 0.43 per cent, respectively. In Asia, all markets ended in the green.
