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MARKET WRAP: Sensex gains 230 pts, ends above 39K level; auto stocks rally

All that happened in the markets today

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SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Stock brokers react to the movement share prices on BSE Sensex in Mumbai on January 23. Photo: Kamlesh Pednekar
Stock brokers react to the movement share prices on BSE Sensex in Mumbai. Photo: Kamlesh Pednekar
Extending their gaining streak into the fourth session in a row, the domestic equity market settled with over 0.5 per cent gains on Wednesday.  

The S&P BSE Sensex reclaimed the crucial 39,000 level to settle at 39,074, up 230 points or 0.59 per cent.

IndusInd Bank (up 6 per cent) ended as the top gainer on the index, followed by Reliance Industries (up over 2.6 per cent) and Axis Bank (up over 2.5 per cent).

NSE's Nifty ended at 11,550, up 77 points, or 0.67 per cent.  

Among sectoral indices on the NSE, barring Nifty FMCG, and Nifty Pharma, all the other indices ended in the green. Nifty Auto advanced nearly 1.5 per cent to 8,100.50 levels. 

In the broader market, the S&P BSE MidCap index gained 0.38 per cent while the S&P BSE SmallCap index rose 0.69 per cent. 

Buzzing stocks

Shares of automobile companies were in focus after Finance Minister Nirmala Sitharaman said the Goods and Services Tax (GST) Council would look into the auto industry’s demand for lowering the tax rate on two-wheelers, which are now taxed at the highest slab rate of 28 per cent. READ MORE

Shares of drug firm FDC Ltd rose as much as 6.12 per cent to Rs 336.95 on the BSE after the company launched two variants of the Covid-19 drug Favipiravir under the brand names PiFLU and Favenza. The stock settled at Rs 327.40, up over 3 per cent. READ MORE

Shares of Indiabulls Housing Finance surged 8 per cent in the intra-day trade on the BSE on the back of heavy volume. The stock eventually settled at Rs 218, up around 5.5 per cent. READ MORE 

Global markets

European stocks inched higher on Wednesday as hopes of additional stimulus for Germany and France outweighed worries about rising cases of Covid-19 across the continent.

In China, shares closed lower, hurt by weakness in tech-heavy startup board ChiNext, after investors booked profits after two consecutive sessions of sharp gains. The blue-chip CSI300 index ended down 1.2 per cent at 4,706.13 and the Shanghai Composite index shed 1.3 per cent to close at 3,329.74.

In commodities, oil rose towards $46 a barrel, near the highest since March, lifted by US producers shutting most of their offshore Gulf of Mexico output ahead of Hurricane Laura and a report showing a drop in US crude inventories.

(With inputs from Reuters)

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