The benchmark BSE Sensex staged a recovery by rising nearly 46 points on Wednesday to close at 26,713.93 on emergence of buying in telecom, FMCG, IT, tech and realty sectors, driven by robust macro-economic data despite a resistance from global headwinds.
The market initially swayed by the optimistic GDP numbers and surge in production of 8-core industries, resulting in the buying spree in select counters.
While, slower but positive PMI manufacturing sector of 50.7 put the momentum in range, later weighed down by profit-booking in banks, PSUs, metals, consumer durable and financials and the Asian markets ending red after mixed signals from China’s purchasing managers’ index (PMI) surveys also affected the trading pattern.
While, wobbling European stocks after euro zone PMI dipped to a three-month low and slip in crudeoil amid focus on China’s PMI, US Fed and key policy events later this week somewhat pressured the sentiment.
The 30-share BSE barometer opened higher at 26,684.46 and hovered between a high of 26,857.25 and a low of 26,671.86 before ending at 26,713.93, showing a modest gain of 45.97 points, or 0.17%.
The 50-share index ended up by 19.85 points to finish at 8,179.95 before once again reclaiming the 8,200 mark during intra-day trade.
Meanwhile, second-line shares of midcap and smallcap companies traded lacklustre.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 114.52 crore on Tuesday, as per provisional data released by the stock exchanges.
In the domestic market, 14 scrips out of 30-share Sensex pack ended higher while 16 scrip closed lower.
Major gainers were Adani Ports (4.98%) followed by Asian Paints (3.54%), Bharti Artl (3.17%), ITC (2.60%), TCS (2.20%), Coal India (1.80%), Wipro (1.29%), NTPC (1.22%), Lupin (0.98%), M&M (0.77%) and HUL (0.58%).
However, Shares of SBI fell by 3.39% followed by 2.08%, Bhel 2.03%, Tata Motors by 1.96% and Cipla 1.49%.
Among the S&P BSE sectoral indices, telecom rose by 2.83% followed by FMCG 1.60%, tech 1.13%, IT 0.83% and realty 0.37%, while bankes fell by 1.19%, finance 0.70%, industrials 0.67%, capital goods 0.61% and auto 0.60%.
The market breadth turned positive as 1,321 stocks ended higher, 1,313 finished in red while 158 ruled steady. The total turnover fell to Rs 2,534.96 crore from Rs 3,866.23 crores on Tuesday.