NEW DELHI: Equity indices on Wednesday finished on a positive note with the benchmark BSE sensex rising over 600 points tracking gains in bank, financial and pharma stocks amid mixed cues from global markets.
The 30-share BSE index jumped 622 points or 2.06 per cent to close at 30,819; while the broader NSE Nifty finished 187 points or 2.11 per cent higher at 9,066.
Top gainers in the sensex pack included HDFC, M&M, LT, Tata Steel, Bajaj Finance, HDFC Bank and Sun Pharma with their shares rising as much as 5.61 per cent. While, IndusInd Bank, Hero MotoCorp, Bharti Airtel and Asian Paints were the only losers.
According to traders, stock-specific action led benchmarks higher.
Market bias remains negative along with continued volatility in the near term as the rising number of coronavirus cases in the country kept market participants on edge, they said.
India has been under a two-month lockdown to curb the spread of the virus, which has hit the incomes of millions and starved companies of several weeks’ worth of revenues, dampening the growth outlook for Asia’s third largest economy.
“With the stimulus package lacking measures to boost demand and protect employment, India is staring a deep recession in the face,” Kunal Kundu, India economist at Societe Generale told news agency Reuters.
Meanwhile, the rupee depreciated by 14 paise to 75.80 (provisional) against the US dollar as headwinds due to US-China trade tiff and worries over the second wave of coronavirus infection weighed on investor sentiment.
Foreign portfolio investors offloaded equities worth Rs 1,328.31 crore in the capital market on Tuesday, provisional exchange data showed.
(With agency inputs)