Sensex, Nifty End With Modest Gains

(RTTNews) - The Indian stock market ended modestly higher on Wednesday after staying firm right through the day's session despite paring most of its early gains.

The benchmark BSE Sensex, which surged nearly 350 points to 58,418.78 in early trades, ended with a gain of 139.91 points or 0.24% at 58,214.59. The broader Nifty 50 index of the National Stock Exchange closed higher by 44.40 points or 0.26% at 17,151.90.

Positive lead from Wall Street, and fairly steady Asian markets amid slightly easing concerns over banking turmoil following coordinated steps taken by governments and central banks to rescue troubled U.S. and European banks lifted sentiment.

Positive comments about growth by the Reserve Bank of India in its State of the Economy report also helped.

Still, with the Federal Reserve's monetary policy announcement due later in the day, the mood remained a bit cautious.

Bajaj Finserv and Bajaj Finance both gained about 2.15%. Sun Pharmaceutical Industries surged 1.65%, while IndusInd Bank, Tata Consultancy Services, ICICI Bank and Hind Unilever gained 0.6 to 1%.

Tata Motors ended 0.9% up after the company hiked the prices of its commercial vehicles by up to 5%. UltraTech Cement, Power Grid Corporation and Mahindra & Mahindra also posted modest gains.

NTPC drifted down 1.5%. Axis Bank and Nestle ended modestly lower.

HDFC Life, up nearly 3%, was the top gainer in the Nifty 50 index. Tata Consumer Products, SBI Life, Dr Reddy's Laboratories and UPL gained 1 to 1.6%.

BPCL shed about 2%. Coal India and Adani Ports both ended lower by about 1.4%. Britannia Industries and JSW Steel also closed weak.

The market breadth was positive. Out of 3,631 stocks seen in action on BSE, 2,037 stocks closed higher. 1,460 stocks ended weak, while 134 stocks settled little changed from their previous closing levels.