The Indian equity benchmark indices closed at record highs as financial stocks pushed Sensex and Nifty50 a percent higher amid positive global cues.
The Sensex closed 546 points higher at 54,369 and Nifty50 scaled 16,258 to close 128 points higher. However, broader markets gave up gains as both mid-caps and small-caps closed a percent lower each.
On the Nifty50 index, HDFC, Kotak Mahindra Bank, ICICI Bank, SBI, and Axis Bank surged over 2-4 percent. 31 out of 50 Nifty stocks closed the session in red on a day when the index is at a record high. Stocks like Grasim, Titan, Tata Motors, Maruti, and Nestle India witnessed selling the most.
The shares of Coforge tumbled 5 percent Wednesday amid speculations that its promoter offloaded some stake in a block deal. In opening trade, total 45 lakh Coforge shares -- equivalent to 7.5 percent equity -- changed hands at an average price of Rs 4,749, sources told CNBC-TV18.
The shares of Vodafone-Idea continued their downward rally through the second session after Kumar Mangalam Birla offered to sell his stake to a government entity. The shares plunged over 15 percent to hit a fresh 52-week low. The sell-off in Vodafone Idea instigated a fall in IDFC First Bank and Indus Towers.
HDFC continued to be the top Nifty gainer for the second session in a row after reporting its first-quarter earnings. The State Bank of India ended the session over two percent higher after reporting stellar first-quarter earnings. While the banks enjoyed buying, Dabur India, an FMCG company, witnessed profit booking. Its shares dived over 4 percent.
The shares of Bharti Airtel fell as much as 2 percent on BSE after the telecom major's earnings for the June quarter showed its profit falling short of the Street's expectations.
"The company has given reasonably decent quarterly numbers and the expectation of the stock to do well has been for almost six quarters. Unfortunately, it is quite surprising and difficult to fathom why the stock is not performing in such a bullish market but yes, it is positive for Bharti Airtel," Kunj Bansal of Karvy Capital told CNBC-TV18.
The stocks of Shipping Corporation of India also dipped nearly 3 percent after it reported over a 100 percent decline in consolidated net profit for Q1 FY22.
(Edited by : Yashi Gupta)
First Published: IST