New Delhi, India (BBN)-The BSE benchmark Sensex ended 192 points higher in trades on Wednesday on the back of buying in IT, banking and power stocks.
The 50-share Nifty ended above its crucial psychological level of 8,400 led by gains in TCS, HDFC, Infosys and State Bank of India.
For the most part of the day the Sensex traded on a firm note and the Nifty also traded firmly over 8,400 levels.
Meanwhile, Mahantesh Sabard, deputy head of research with SBICAP Securities told NDTV that from structural perspective bottom formation process for the Nifty has begun and earnings trajectory is likely to improve but he points out that the consumption story has been weak which is a concern for the market.
Buying was visible in most of the sectors. IT stock led the gains in trades today. They were followed by banking, power and pharma stocks.
The IT stocks saw good buying interest on Wednesday. The IT index on the National Stock Exchange, CNX IT index advanced 1.7 per cent. Technology stocks such as Tech Mahindra, HCL Technologies, TCS, Infosys and Wipro advanced 1-3.5 per cent each and were among the top gainers on the Nifty.
Banking stocks also witnessed buying interest. The Bank Nifty closed 0.8 per cent higher. HDFC Bank, SBI, ICICI Bank, IndusInd Bank and Punjab National Bank were among the top banking gainers.
From the Nifty-50 basket of stocks, 30 stocks advanced while 20 declined.
Reliance Industries, Tata Power, HUL, Power Grid, Sun Pharma, Zee Entertainment and GAIL India were also among the top Nifty gainers.
The broader markets underperformed the benchmark indices. The BSE mid-cap index closed 0.1 per cent lower while the small-cap index advanced 0.1 per cent.
The Sensex closed 192 points higher at 27,837 and the Nifty gained 58 points to settle at 8,423.
