The Indian benchmark indices rose in the afternoon session on Wednesday, driven by advances in capital goods, banking, and auto companies. The 30-stock index soared 439 points to 80,442, while the Nifty gained 134 points to 24,328. The market capitalization of BSE-listed companies stood at Rs 444.64 lakh crore in today's session. Of the 30 Sensex stocks, 15 finished in the green.
Banking and metal stocks led the rise, with the BSE bankex and BSE metal index up 205 and 133 points, respectively. BSE capital goods index rose 784 points to 70, 332.
The top Sensex gainers were Adani Ports, NTPC, Maruti, Bajaj Finance, M&M, Tech Mahindra, and Axis Bank, which rose by up to 8%. With about a month still in 2024, the Sensex has up 11.30% this year, while the Nifty has soared 11.90%.
Anand James, Chief Market Strategist at Geojit Financial Services, stated, "Upsides continue to be challenged, even as dips pick up. Meanwhile, neither is near to the downside objective of 23,900 nor has it surpassed the upside target of 24420. This implies that the medium-term target of 25,262 will remain in play as long as falls recover quickly enough to continue floating above 24030, and traders will be encouraged to pursue rallies on a direct advance over 24420. That said, we had played to draw back lower in the prior two days, expecting a mean reversion following Friday's significant gains, and similar expectations will continue for the day, with a target of 23900 as long as it is below 24260."
In today's afternoon session, the BSE capital goods index jumped 823 points, the BSE bankex index gained 265 points, and the BSE auto index surged 385 points.
Meanwhile, InCred Equities revised their Nifty objective.
The firm updated its Nifty objective to 25,327 points, citing a delay in the RBI's expected repo rate decreases and robust forecasts for second-half earnings growth.
The latest market slump, which began in September, is projected to last many months due to a difficult macroeconomic environment that limits EPS progress, the report stated.
As many as 206 stocks reached 52-week highs today. On the other side, 32 shares plummeted to 52-week lows on the BSE.
Market breadth was strong, with 2531 of the 3984 stocks traded ending in the green. Around 1313 equities closed in the red, while 140 stayed unchanged.
The BSE midcap and smallcap indices climbed 74 points to 45,874 and 510 points to 54,433, respectively.
Approximately 330 equities reached their upper circuits as the stock market soared in the afternoon session today. On the other side, 211 shares reached their lower circuit limitations.
FII-DII Data
According to preliminary NSE statistics, foreign institutional investors purchased Rs 1157 crore in equities on Tuesday, while local investors sold Rs 1910.86 crore.
Previous Session
Benchmark indices closed down on November 26. The Sensex concluded 106 points lower at 80,004 points, while the Nifty ended 27 points higher at 24,194.
