Indian share indices closed higher on Wednesday, propelled by strength in Power, Consumer Durables and Capital Goods names. The Nifty 50 rose 1.63% to reach a new one-month high at the close on the National Stock Exchange, while the BSE Sensex 30 advanced 1.64%.
On the Nifty 50, Power Grid Corporation of India Ltd (NSE:PGRD) was the session's strongest performer, gaining 4.26% - up 12.80 points - to finish at 313.15. Eternal Ltd (NSE:ETEA) also posted double-digit percentage gains, adding 4.14% or 9.79 points to close at 246.01. Wipro Ltd (NSE:WIPR) rose 3.46% - a 7.03-point increase - to end the day at 210.00.
Not all stocks advanced. Among the laggards on the Nifty, Dr Reddy's Laboratories Ltd (NSE:REDY) declined 1.23% or 15.20 points to trade at 1,220.70 at the close. Bharti Airtel Ltd. (NSE:BRTI) slipped 0.66% - down 12.40 points - to finish at 1,858.50, and ICICI Bank Ltd (NSE:ICBK) eased 0.30% or 4.10 points to close at 1,347.00.
Movements on the BSE echoed the broader strength. Eternal Ltd (BO:ETEA) rose 4.06% to 245.80, while Power Grid Corporation of India Ltd (BO:PGRD) gained 3.90% to settle at 312.00. Tata Consultancy Services Ltd. (BO:TCS) added 3.21% to close at 2,552.00. On the downside, Bharti Airtel Ltd (BO:BRTI) was down 0.64% to 1,858.50, ICICI Bank Ltd (BO:ICBK) lost 0.26% to settle at 1,347.00 and Axis Bank Ltd. (BO:AXBK) fell 0.13% to 1,352.00 at the close.
Breadth of the market favored advancers. On the National Stock Exchange, 2,223 stocks rose and 330 declined, while 34 ended unchanged. On the Bombay Stock Exchange, 3,353 issues advanced, 767 declined and 115 were unchanged.
Measures of market volatility moved lower. The India VIX, which tracks implied volatility for Nifty 50 options, fell 8.50% to 18.76.
Commodities and currencies showed mixed moves. Gold futures for June delivery were down 0.67% or 32.38 to $4,817.72 a troy ounce. In energy markets, crude oil for May delivery rose 1.86% or 1.70 to $92.98 a barrel, and the June Brent contract increased 1.89% or 1.79 to trade at $96.58 a barrel.
Currency pairs impacting traders and importers showed modest changes: USD/INR rose 0.31% to 93.43, while EUR/INR increased 0.13% to 110.04. The US Dollar Index Futures were up 0.15% at 98.05.
Summary of market movers
- Key winners included Power Grid, Eternal and Wipro on the Nifty; Eternal, Power Grid and TCS led the Sensex gains.
- Weakness was concentrated in select large caps such as Dr Reddy's, Bharti Airtel, ICICI Bank and Axis Bank.
- Market participation was broad on both exchanges and implied volatility eased materially.
Note: This report summarizes closing prices, percentage moves and market statistics as reported at the close of trade. It does not include forward-looking commentary or investment advice.