The benchmark Sensex rose for a ninth consecutive session, while the Nifty closed above the record 20,000-mark for the first time on Wednesday as positive macroeconomic data triggered buying in banking, energy and telecom stocks.
The 30-share BSE Sensex rebounded from early morning lows and traded near its all-time high of 67,565.41 points during the day. The barometer reported 67,466.99 points, an increase of 245.86 points, or 0.37%. As many as 20 Sensex stocks ended in the green and 10 in the negative.
The Nifty index closed above 20,000 points for the first time, rising 76.80 points or 0.38% to 20,070 points, a record closing high. Of the 50 Nifty stocks, 31 ended in the green and 19 in the red.
Among Sensex companies, Bharti Airtel was the top gainer, rising 2.72%. Titan, IndusInd Bank, Axis Bank, State Bank of India, Power Grid, NTPC and Tata Motors were among the top gainers.
Mahindra & Mahindra, Larsen & Toubro, Nestlé, JSW Steel, Infosys and Tata Consultancy Services, Tech Mahindra and Maruti are the major laggards.
Vinod Nair, head of research at Geojit Financial, said: “Despite the weak global situation, domestic indices resumed their upward trajectory. Domestic CPI inflation cooled to 6.83% in August and industrial production data rose, reaffirming the Indian economy ‘s strong.” service.
A shrinking UK economy and rising oil prices have brought a degree of uncertainty to global markets. Investors are also awaiting U.S. inflation data, which is of global significance as it will provide insights into the Fed’s policy outlook, Nair added.
Retail inflation fell to 6.83% in August after hitting a 15-month high of 7.44% in July, mainly due to softer vegetable prices, but remained above the Reserve Bank’s comfort zone.
Official data released on Tuesday showed that India’s industrial production growth rose to a five-month high of 5.7% in July, mainly due to the good performance of the manufacturing, mining and power industries.
In Asian markets, Seoul, Shanghai and Hong Kong ended lower, while Tokyo closed higher. European stocks were lower. U.S. stocks ended lower on Tuesday.
Brent crude, the global oil benchmark, rose 0.66% to $92.56 a barrel.
After a day’s rest, foreign institutional investors (FIIs) sold shares worth Rs 1,047.19 crore on Tuesday, according to exchange data.
On Tuesday, the BSE benchmark gained 94.05 points, or 0.14 per cent, to close at 67,221.13 points. However, in choppy trade, the Nifty gave back all its gains and edged down 3.15 points or 0.02 per cent to 19,993.20.