Equity benchmarks rebounded sharply on Wednesday after two consecutive sessions of losses, although investor sentiment remained cautious amid concerns over a potential escalation in the US-Iran conflict and weaker-than-expected monsoon progress.
The BSE Sensex rallied more than 630 points to an intraday high of 77,110.08, while the NSE Nifty 50 gained over 180 points to reclaim the 24,000 mark.
At 12.36 pm, Sensex traded 582.57 points or 0.76 per cent higher at 77,061.24; and Nifty 50 increased by 173.70 points or 0.73 per cent to 24,039.45.
The broader markets also traded in positive territory, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising around 0.2 per cent each.
Sectoral performance remained mixed. Media, realty and FMCG stocks outperformed, while IT, metal and pharma stocks traded lower.
Nifty 50 movers
Among the Nifty 50 constituents, Eternal, Nestle India, Asian Paints, Adani Ports and Adani Enterprises were the top gainers. On the other hand, Tech Mahindra, HCLTech, Hindalco Industries, Larsen & Toubro and Dr Reddy’s Laboratories were among the biggest losers.
Market breadth remained positive. Of the 3,263 stocks traded on the NSE, 1,937 advanced, 1,230 declined and 96 remained unchanged. As many as 110 stocks hit their 52-week highs, while 45 touched 52-week lows. Meanwhile, 88 stocks were locked in the upper circuit and 65 hit the lower circuit.
KPIT, Tata Elxsi cap midcap gains
In the midcap space, MCX, Dabur India, Page Industries and PB Fintech gained 3-5 per cent. KPIT Technologies and Tata Elxsi came under sharp selling pressure, with losses of up to 17 per cent.
shares tumbled after the company reported a weak business update, with investors reacting to concerns over its near-term growth outlook.
Among smallcap stocks, Reliance Power, Aditya Birla Real Estate, Inventurus Knowledge Solutions, BEML and JM Financial rallied 4-15 per cent. In contrast, HSCL, Indraprastha Gas, Welspun Corp and Tata Chemicals declined 3-4 per cent.