Despite weak global cues, the Indian stock market made a good start on Wednesday. As soon as trading started, buying from investors was seen, due to which both Sensex and Nifty were seen trading in the green. BSE Sensex rose 372.49 points (0.50%) to 74,291.25. Whereas Nifty rose by 90.95 points (0.39%) and was seen trading at the level of 23,333.05.
There was an all-round shopping environment in the market on Wednesday morning. On NSE, about 1456 shares registered a rise, while 823 shares recorded a decline. There was no change in the prices of 143 shares. The rise in big stocks like Reliance Industries, Hindustan Unilever (HUL), Trent and Nestle India strengthened the market. However, there was a decline in many shares of the metal sector, due to which the market momentum was limited.
These shares showed strong growth
Top gainers on Nifty included Reliance Industries, HUL, Trent, Nestle India and Dr. Reddy’s Laboratories. Good buying was seen in the shares of these companies, which supported the major indices. Market analysts believe that these stocks have been supported by increased interest from investors in the consumer and FMCG sector. Market sentiment remained positive due to strong buying in Reliance Industries also.
pressure on metal stocks
Weakness was seen in the metal sector. BSE Metal Index slipped by about 1 percent. Hindalco, Hindustan Zinc and Nalco were among the stocks with the biggest losses. Hindalco shares fell by more than 3 percent, while Hindustan Zinc and Nalco were also seen trading in the red. Apart from this, there was pressure on stocks like Tata Steel, JSW Steel and SAIL.
There was weakness in these shares
Top Nifty losers included Hindalco, Infosys, SBI Life Insurance, Shriram Finance and TMPV. Some shares of IT and metal sectors witnessed a decline due to profit booking.
Indian rupee falls by 19 paise
The Indian rupee had a weak start due to rise in crude oil prices and cautious environment in the global market. The rupee opened 19 paise lower at 95.54 against the US dollar. Apart from this, continued demand for dollar from importers and withdrawal of funds from the Indian market by foreign investors also put pressure on the rupee.
