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MARKET WRAP: Sensex ends 353 pts higher; metals shine, pharma stocks slip
Nifty metal was the top gainer, up over 2 per cent, followed by Nifty public sector bank index, up over 1 per cent.
Indices held gains on Wednesday, supported by broad-based buying across all major sectors, to end the day in the green. Positive sentiment was bolstered at D-street as US president Donald Trump's decision to delay imposition of additional tariff on Chinese imports doused trade-war concerns. Further, benign inflation back home, opened room for more rate cuts by the Reserve Bank of India (RBI).
The benchmark S&P BSE Sensex settled at 37,311 levels, up 353 points or 0.96 per cent, lifted by Reliance Industries, Infosys, ICICI Bank, and HDFC. Vedanta, Tata Steel, YES Bank, and Tech Mahindra were the top gainers at the 30-share index, while Sun Pharmaceuticals, ONGC, Tata Motors, and Asian Paints ended the day as top laggards. The broader Nifty50, too, added 104 points, or 0.95 per cent, to close the day above the psychological mark of 11,000 at 11,029.
Sectorally, all the sectors, barring pharmaceuticals, ended the day with gains. Nifty pharma index shed 4 per cent in the intra-day trade to hit a 5-year low on BSE. The index ended 1.4 per cent lower. READ MORE
On the contrary, Nifty metal was the top gainer, up over 2 per cent, followed by Nifty public sector bank index, up 1.5 per cent.
In the broader market, S&P BSE mid-cap settled at 13,477 level, up 114 points or 0.85 per cent. The S&P BSE small-cap, on the other hand, closed at 12,570 levels, up 51 points or 0.41 per cent.
European stocks fell on Wednesday as Germany’s economy went into reverse, reviving fears of global recession and tempering a rally for equities after Washington delayed tariffs on some Chinese imports. The Euro STOXX 600 fell 0.4 per cent. Markets in London .FTSE, Frankfurt .GDAXI and Paris FCHI lost from 0.2 per cent to 0.6 per cent. Wall Street futures gauges were also lower.
Equity investors on Wall Street and Asia had cheered earlier when US President Donald Trump pushed back a Sept. 1 deadline for new tariffs on remaining Chinese imports.
The S&P 500 .SPX, which had fallen 1 per cent on Monday, rose 1.5 per cent overnight, sending Asian stocks outside Japan up 0.6 per cent. Benchmarks in Shanghai, Hong Kong and Tokyo all mirrored the surge in US stocks.