Midday report: Sensex gains 284 points, Nifty up 81 points
- Sensex is trading at 55,552.82, up by 284.33 points or 0.51%
- Nifty was trading at 16,565.50, up by 81.65 points or 0.50%
- Asian markets were trading mostly in red on Wednesday
Indian equity benchmarks continued to surge in the afternoon session, despite negative cues from other Asian markets. Heavy buying at capital goods and industrial counters helped key indices to remain higher. However, some concerns remained among traders, amid a positive report stating that the global economy is in the grips of a serious slowdown, with some major economies at high risk of recession and only sparse meaningful cooling in inflation over the next year.
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The Sensex is trading at 55,552.82, up by 284.33 points or 0.51% after trading in a range of 55,157.99 and 55,557.44. On the index, 21 stocks advanced and 9 stocks declined.
The broader indices were trading in green with the BSE Midcap index up by 0.26%, while the Small cap index was up by 0.22%. The top gaining sectoral indices on the BSE were Capital Goods up by 2.07%, Industrials up by 1.12%, Healthcare up by 0.94%, Basic Materials up by 0.74%, and PSU up by 0.73%, while Telecom down by 0.44%, Consumer Durables down by 0.17%, Auto down by 0.16% and Power down by 0.13% were the top losing indices on BSE.
The top gainers on the Sensex were Larsen & Toubro up by 3.40%, Sun Pharma up by 2.44%, Indusind Bank up by 1.85%, Axis Bank up by 1.42%, and TCS up by 1.32%. On the flip side, Bajaj Finserv down by 1.09%, Kotak Mahindra Bank down by 1.02%, Bharti Airtel down by 1.01%, Bajaj Finance down by 0.47%, and Titan Co down by 0.14% were the top losers.
The Nifty was trading at 16,565.50, up by 81.65 points or 0.50% after trading in a range of 16,438.75 and 16,568.75. On the index, 35 stocks advanced and 15 stocks declined.
The top gainers on Nifty were Larsen & Toubro up by 3.32%, Grasim Industries up by 2.83%, Divi's Lab up by 2.52%, Sun Pharma up by 2.25%, and Indusind Bank up by 1.84%. On the flip side, UPL down by 1.81%, Bajaj Auto down by 1.68%, Kotak Mahindra Bank down by 1.25%, Bharti Airtel down by 1.10%, and Bajaj Finserv down by 1.07% were the top losers.
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Asian markets were trading mostly in red with Shanghai Composite declining 3.07 points or 0.09% to 3,274.37, Straits Times trembled 7.57 points or 0.24% to 3,184.55, KOSPI fell 11.21 points or 0.46% to 2,401.75 and Hang Seng decreased 315.42 points or 1.51% to 20,590.46. On the flip side, Nikkei 225 surged 107.52 points or 0.39% to 27,762.73, Taiwan Weighted strengthened 15.05 points or 0.1% to 14,821.83 and Jakarta Composite soared 5.75 points or 0.08% to 6,877.29.