Overview: Nifty Snaps Losing Run, HDFC Twins Rise After 9 Days, RIL Jumps & More

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Overview: Nifty Snaps Losing Run, HDFC Twins Rise After 9 Days, RIL Jumps & More

By Malvika Gurung

Investing.com -- Indian equity benchmark indices ended higher on Wednesday, snapping a five-day losing streak, as investors countered Tuesday’s sell-off by buying beaten-down stocks at lower prices, despite the dollar index remaining at high levels and inflation concerns persisting.

Buyings in industry heavyweights like Reliance Industries (NS: RELI ), Bharti Airtel (NS: BRTI ) and TCS (NS: TCS ) lent support to the market, while scrips of HDFC (NS: HDFC ) twins also witnessed purchasings, snapping a losing run of 9 sessions with HDFC Bank (NS: HDBK ) ending 0.9% and HDFC 1.87% higher on Wednesday.

Cement, paint and auto stocks also witnessed buying, pushing the headline indices higher.

Benchmark gauges Nifty 50 gained 1.05% and Sensex climbed 574.25 points or 1.02% higher on Wednesday, while broader markets underperformed, as NIFTY Midcap 100 gained 0.75% and NIFTY Smallcap 100 declined 0.18% in the session.

Reliance Industries jumped past 3% to approach its 52-week high hit in Oct 2021 in the day, lending a strong push to the overall market too. The oil-to-telecom stock extended its rally to the second straight session amid news of subsidiary Reliance Brands signing an agreement to buy a 51% stake in the leading couturier Abu Jani Sandeep Khosla.

Investors on Dalal Street added Rs 2.5 lakh crore to their wealth on Wednesday.

On the sectoral front, indices listed under the Nifty basket ended on a mixed note, as Nifty Auto jumped 2.2%, while Nifty Bank slid 0.07%.

38 stocks listed under the Nifty 50 index ended higher, led by BPCL (NS: BPCL ), Tata Motors (NS: TAMO ), Shree Cement, Eicher Motors (NS: EICH ), and Maruti Suzuki (NS: MRTI ), rising 3.5-4.3% each, while Bajaj Finance (NS: BJFN ), Bajaj Finserv (NS: BJFS ), and ICICI Bank (NS: ICBK ) fell 1-3% in the session.

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