The Sensex ended 254 points higher at 51,279 while the Nifty rose 76 points to settle at 15,175.
Indian indices ended higher on Wednesday, tracking a rise in global peers, boosted by IT, auto, metals and pharma sectors. Meanwhile, banking, financial and FMCG stocks also supported the benchmarks. The Sensex ended 254 points higher at 51,279 while the Nifty rose 76 points to settle at 15,175.
Broader markets were also higher for the day with the midcap and smallcap indices up 0.7 percent and 1.4 percent, respectively.
On the Nifty50 index, JSW Steel, Eicher Motors, Hindalco, Tata Steel and Bajaj Finance were the top gainers while SBI Life, ONGC, IOC, HDFC Life and Kotak Bank led the losses.
Among sectors, Nifty IT and Nifty Metal surged over 1.5 percent while Nifty Pharma gained 1.4 percent. Nifty Auto also rose 0.9 percent.
Here are the key stocks that moved today:
IndusInd Bank: The share price of IndusInd Bank was up over 1.5 percent after global brokerage house CLSA raised the target price for the stock while maintaining a bullish stance. The brokerage maintained a Buy call on the stock and raised the target to Rs 1,325 from Rs 1,100 per share earlier, indicating a 30 percent upside. According to the brokerage, the lender has reported a transformative journey in the last two years and has debulked corporate books and increased granularity of liabilities.
Magma Fincorp: The shares of non-banking finance company Magma Fincorp Ltd (Magma) were locked in a 5 percent upper circuit at Rs 136.40 per share on the BSE after it received shareholders’ approval for the acquisition of a controlling stake by Rising Sun Holdings Pvt Ltd through preferential issue. In a regulatory filing on Tuesday, the company said that its shareholders approved the company’s plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings Ltd (RSHPL) and two members from the promoter group.
Auto stocks: Nifty Auto gained around a percent after the Federation of Automobile Dealers Association (FADA) February retail sales data showed double-digit growth in passenger vehicle volumes. Passenger vehicle retail sales in February rose 10.59 percent, YoY. PV retails ended February at 254,058 units while the same month last year saw sales of 229,734 units. Among stocks, Eicher Motors, Balkrishna Industries, Tata Motors rose over 2 percent each.
Aurionpro Solutions: Shares of Aurionpro Solutions were locked in 20 percent upper circuit for the second straight day at a fresh 52-week high of Rs 120.60 on the BSE after the company announced the signing of the strategic partnership with Future-Tech, UK for data center design and consultancy projects in India & South Asia. The management said that Aurionpro has ventured into this business at a right time as Indian Data Centre market is likely to reach $4 billion.
JSW Steel: JSW Steel's share price advanced 3 percent after ICRA reaffirmed JSW Steel’s long-term (bank facilities and non-convertible debenture) rating at ICRA AA- but changed the outlook from stable to positive, the company informed bourses. The rating agency also reaffirmed the company's short-term (bank facilities and commercial paper) to ICRA A+, the company added.
(Edited by : Pranati Deva)