The Indian equity benchmarks rallied for third session in a row on Wednesday on the back of a broad-based buying interest. Reliance Industries, HDFC, ICICI Bank, Infosys, HDFC Bank and Kotak Mahindra Bank top movers in the Sensex. The Sensex rose as much as 1,243 points and Nifty 50 index moved above its important psychological level of 15,250. Strong buying by foreign institutional investors led to positive sentiment on Dalal Street, analysts said.
The Sensex ended 1,148 points or 2.28 per cent higher at 51,445 and Nifty 50 index climbed 326 points or 2.19 per cent to settle at 15,246.
Foreign institutional investors bought shares worth Rs 2,223 crore while domestic institutional investors sold shares worth Rs 854 crore on Tuesday.
Reliance Industries was top mover in the Sensex, the stock surged as much as 5.4 per cent to Rs 2,219.90 after its telecom arm Reliance Jio cornered more than half of the telecom spectrum auctioned by the government, offering about Rs 57,123 crore to consolidate its holding of the scarce resource that are used to carry mobile call and data signals.
Tata Steel was top Nifty gainer, the stock rose over 5 per cent to close at Rs 775. Bajaj Finserv, Bajaj Finance, UPL, Hindalco, HDFC, ICICI Bank, JSW Steel, SBI Life and Axis Bank also rose between 3-5 per cent.
On the flipside, Hero MotoCorp, Maruti Suzuki, Bajaj Auto, Mahindra & Mahindra, BPCL and Titan were among the notable losers.
In the IPO market, MTAR Technologies initial public offering (IPO) was over-subscribed within hours of opening on the stock exchanges, data from the National Stock Exchange showed. MTAR Technologies shares were in huge demand among investors as it received total bids for 91 lakh shares as against 72.60 lakh shares on the offer. Nearly 70 lakh bids were received for the MTAR Technologies IPO at the cut-off price of Rs 575. MTAR Technologies IPO was subscribed 1.25 times as of 12:30 pm, NSE data showed.
Buying was visible across sectors as all the 11 sector gauges, barring the index of auto shares, were trading higher led by Nifty Metal index’s 3.4 per cent rally. Nifty Bank, IT, Private Bank, Infrastructure, Financial Services and Realty indexes also rose 1-3 per cent.