Noida, Sep 16 (APAC Media): Indian equity benchmarks BSE Sensex and NSE Nifty recovered on Wednesday after a sharp fall in the previous session, led by gains in banking and financial stocks, while investors remained cautious amid elevated crude oil prices and uncertainty over global interest rates.
The Sensex closed 332.63 points, or 0.45 per cent, higher at 74,336.45. The Nifty 50 gained 99 points, or 0.43 per cent, to end at 23,217.60.
The recovery came a day after the benchmarks suffered their steepest decline in recent sessions. The Sensex had fallen 777.94 points on Tuesday, while the Nifty declined 1.19 per cent.
On Wednesday, buying interest emerged in several heavyweight stocks, particularly in the banking and financial sectors. Investors also picked up select stocks that had declined sharply in the previous session.
Among individual stocks, ITC, Axis Bank, Bharat Electronics and State Bank of India were among the notable gainers in the Sensex pack. ITC rose 2.29 per cent, Axis Bank gained 2.24 per cent, Bharat Electronics advanced 2.11 per cent and SBI climbed 2.06 per cent.
Information technology stocks, however, remained under pressure. Tata Consultancy Services declined 2.77 per cent, while Infosys fell 1.74 per cent and Tech Mahindra slipped 1.33 per cent.
Shares of digital-payment companies also remained in focus after the government announced a merchant discount rate on certain UPI transactions. Paytm gained during the session, while shares of other payment-related companies also saw buying interest.
Market sentiment continued to be influenced by movements in crude oil prices. Brent crude was trading around $108 a barrel, keeping concerns over India’s import bill and inflation in focus.
The rupee also remained under pressure against the US dollar, adding to investor caution.
Foreign institutional investors continued to remain sellers in the Indian market, while domestic institutional investors provided some support through purchases.
Globally, investors were awaiting the outcome of the US Federal Reserve’s monetary policy meeting.
Market participants were also tracking US bond yields, crude oil prices and geopolitical developments.
Analysts said near-term market direction would depend on global cues, foreign fund flows, currency movements and developments in the oil market.
The rebound in Indian equities on Wednesday helped recover part of the previous day’s losses, although investors remained cautious amid continued volatility in global and domestic markets.
–ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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