Indian equity benchmark indices ended their five-day losing streak on Wednesday, settling in green at session closing led by stocks like Reliance Industries, HDFC, and Infosys. A lot of the movement in the market was also due to investors going for 'buying the dip'. Apart from that, the Wall Street ending on a positive note also cheered Indian investors.
The 30-share pack Sensex advanced 574.35 points or 1.02 per cent to close at 57,037.50. Its broader peer NSE Nifty rose 177.90 points or 1.05 per cent to 17,136.55.
"Nifty snapped its five-day losing streak and settled higher on positive clues in the global markets. Index-heavy weight Reliance Industries today pulled the markets as it touched its all-time-high at 2751 mark. With ongoing earning seasons, the mood on the street is still cautious with rising interest rates in the US, with the 10-year Treasury reaching 2.948% in overnight trade as it marches toward a 3% threshold last crossed in late 2018. Meanwhile, Russia's sudden re-grouping of troops and tanks in the Donbas region continues to create fear on the traders," said Prashant Tapse, Vice President (Research), Mehta Equities.
On the 30-stock index, the most gains were made by Ultratech Cement, Asian Paints, Maruti and Reliance among others, while Bajaj Twins, ICICI Bank, ITC and Tata Steel were among the biggest losers.
On Nifty50, BPCL, Tata Motors, and Shree Cements made the most gains, while Bajaj twins, ICICI Bank, and JSW Steel were among the biggest laggards.
"A Pull-back rally in the global markets lifted sentiments as benchmark indices traded higher. Nifty reclaimed its 17000 level. Among sectors, the Nifty Auto index outperformed rallied by over two per cent. Whereas technical sell-off was seen in Metal and Media stocks. Technically, after today's bounce back, the Nifty is still trading below its 200-day SMA which is broadly negative," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Reliance Industries closed up 2.9 per cent at a six-month high and a few points away from fresh records, a day after Reliance Brands said it had signed a deal to buy a 51 per cent stake in fashion label Abu Jani Sandeep Khosla.
Shares of cement maker ACC saw its best session since July 20 and settled up 7.4 per cent, a day after it logged a rise in March-quarter revenue.
This pushed Nifty's Infrastructure index 1.3 per cent higher.
Energy stocks, benefiting from firmer crude and higher power demand hopes, extended gains to a fourth day and settled up 0.88 per cent.
"On daily charts, Nifty has formed a small inside body bullish candle and on intraday charts. Nifty is consistently taking support near 17050. Direction wise, the medium-term trend is still on the downside. But the continuation of the pullback rally is not ruled out if the Nifty succeeds to trade above 17050. For traders, 17050 would act as a trend decider level, above which Nifty could rally up to 17250-17350. However, below 17050 uptrends would be vulnerable. Below the same, chances of hitting the level of 16950-16900 would turn bright," said Chouhan.