Share Market Rallies for a Third Consecutive Day: Sensex Climbs 148 Points, Nifty Closes Above 22,900.
Stock Market Bull: The stock market displayed strength on Wednesday as well. The most significant gains today were observed in the defense sector. Furthermore, substantial buying was witnessed in metal and financial sector stocks. However, FMCG and IT sector stocks experienced considerable declines.
Sensex and Nifty Gains
On Wednesday, the Nifty closed at 22,907.60, up 73.30 points (0.32%), while the Sensex strengthened by 147.79 points (0.19%), closing at 75,449.05.
Top Gainers
Among Nifty 50 stocks, Shriram Finance witnessed the highest surge today, closing at 667.95, up 4%. Additionally, HDFC Life shares rose by 3.75%, closing at 664.55. Apollo Hospitals shares increased by 2.90%, closing at 6,428.
Other notable gainers included Tata Steel, up 2.55% to 158.60, and Power Grid, up 2.37% to 277.20.
Top Losers
Tech Mahindra experienced the sharpest decline today, falling by 2.42% to close at 1,396. TCS shares fell by 1.56%, closing at 3,497.
Furthermore, ITC shares declined by 1.48% to 403.05, Infosys shares fell by 1.48% to 1,587, and Britannia shares dropped by 1.29% to 4,707.
Sectoral Index Performance
- The Nifty Defense Index closed at 6,064, up 4.85%.
- The Nifty Metal Index gained 1.27%, closing at 9,149.
- Bank Nifty also rose by 0.79%, closing at 49,703.
- The Nifty Auto Index closed at 21,320, up 0.40%.
- The FMCG Index saw a decline of 0.55%, closing at 52,184.
- The Nifty IT Index experienced the most significant drop, falling by 1.08% to close at 36,224.
Influencing Factors
Several factors contributed to the current market rally. The DGTR (Directorate General of Trade Remedies) recommended a 12% safeguard duty on specific steel products for 200 days, leading to significant buying in the metal sector.
Furthermore, the surge in financial stocks continued for the third consecutive trading day. However, IT stocks saw a decline in anticipation of potential interest rate decisions from the US Federal Reserve. Economic uncertainties impacted investor sentiment in this sector.
