Market Wrap: Sensex, Nifty snap two-day losing run; investors get richer by over ₹3 lakh crore in a day
lending rate by 10 basis points. However, it surprised analysts by keeping the five-year rate unchanged. Analysts expected both rates to go down by 15 basis points as China, the world's second-largest economy, is facing problems like falling property prices, less spending, and decreasing credit growth.
Sensex opened 96 points lower at 64,852.70 against the previous close of 64,948.66. However, the index reversed the losses and rose about 387 points to hit the intraday high level of 65,335.82. Nifty50 hit the intraday high of 19,425.95 today.
Sensex ended the session with a gain of 267 points, or 0.41 per cent, at 65,216.09 while the Nifty50 rose 83 points, or 0.43 per cent, to settle at 19,393.60. Shares of Infosys, ITC, Bajaj Finance, Bharti Airtel, TCS and Larsen & Toubro were the top contributors to the gains in the Sensex index. Mid and smallcaps outperformed the benchmark.
The BSE Midcap and Smallcap indices ended 0.87 per cent and 0.71 per cent higher, respectively. The overall market capitalisation of the firms listed on BSE rose to nearly ₹306.9 lakh crore from ₹303.4 lakh crore in the previous session, making investors richer by ₹3.5 lakh crore in a day. Over 200 stocks, including Bharat Forge, CG Power and Industrial Solutions, L&T Technology Services, Oil India and REC, hit their fresh 52-week highs in intraday trade on BSE.
In the Nifty50 index, 38 stocks clocked gains while 13 stocks suffered losses today. Shares of Bajaj Finance (up 2.75 per cent), Power Grid (up 2.66 per cent) and Adani Ports (up 2.59 per cent) ended as the top gainers. On the flip side, shares of Reliance Industries (down 1.11 per cent), Mahindra and Mahindra (down 0.91 per cent) and Britannia Industries (down 0.75 per cent) ended as the
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