Sensex Gains 214 pts At Closing, Nifty50 Nears 17,400; IDBI Jumps 13%, Paytm 6%

Stock Market Today: Fag-end buying lifted key benchmark indices for a sixth straight day on Wednesday even as global markets remained tepid due to fresh US-China-Taiwan tensions and weak global growth concerns. All sectors, except IT and Financial Services, witnessed selling pressure today, led by auto, pharma, and public sector banks.

The benchmark S&P BSE Sensex traded within a wide range of 57,789 to 58,416 during the day, and closed at 58,351, up 214 points or 0.37 per cent. The NSE Nifty50, on the other hand, ended at 17,388, up 43 points or 0.25 per cent.

In the broader market, the BSE MidCap and SmallCap indices slipped 0.6 per cent, and 0.3 per cent, respectively.

Shares of SpiceJet moved higher by 18 per cent to Rs 52.40 on the BSE in Wednesday’s intra-day trade amid heavy volumes on report that the company’s promoter Ajay Singh is exploring possibility of a partial stake sale in the company. Currently, Ajay Singh and his family hold 59.40 per cent stake in SpiceJet.

Among individual stocks, shares of Adani Transmission hit 52-week high at Rs 3,528 per share ahead of their June quarter results (Q1FY23).

Besides, shares of Subex soared 20 per cent to Rs 33 per share after Reliance Jio Platforms announced partnership with its AI Orchestration Platform, HyperSense.

Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “FIIs turning buyers, short covering by the bears, and active retail participation have led to 14 per cent recovery in Nifty from the June lows. This has pushed the market to overbought territory but continuation of FII buying may impart resilience to the market. However, investors should exercise caution since the global growth slowdown is serious and this has the potential to impact exports from emerging markets like India. This is already visible in the July trade data. Additionally, the new tensions arising from Nancy Pelosi’s visit to Taiwan and China’s sharp reaction to that have emerged as an irritant. So, investors have to be cautious. After the deserved run-up in financials, segments like automobiles, particularly the PV and CV space, capital goods and segments in FMCG are now attracting informed buying due to their improving prospects.”

Global Cues

In Asia, Japan’s Nikkei gained 0.5 per cent, rebounding from Tuesday’s two-week closing low, while Chinese blue chips jumped 0.86 per cent and Hong Kong’s Hang Seng gained 0.76 per cent.

Tokyo stocks opened higher Wednesday as investors bought shares with strong corporate earnings while monitoring the impact of US House Speaker Nancy Pelosi’s visit to Taiwan on US-China tensions. The benchmark Nikkei 225 index added 0.34 per cent, or 94.72 points, to 27,689.45 in early trade, while the broader Topix index rose 0.17 per cent, or 3.26 points, to 1,928.75.

US stocks ended a choppy session lower on Tuesday, while the dollar rallied as risk appetite was dampened by economic uncertainties and escalating US-China tensions.

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