Sensex surges 479 points amid mixed global cues; power, banking stocks rally

The Indian stock market's benchmark Sensex surged 479 points on Wednesday led by good buying support in power, FMCG, and financial stocks amid mixed global cues.

The 30 stock S&P BSE Sensex closed 478.59 points or 0.84 per cent higher at 57,625.91 points against its previous day's close at 57,147.32 points.

The markets witnessed volatility. The Sensex started the day in the positive at 57,312.49 points but slipped into negative in the late morning session touching a low of 57,085.92 points. The markets rebounded in the afternoon session. The Sensex touched a high of 57,687.64 points in the intra-day.

The Sensex had slumped by 843.79 points or 1.46 per cent on Tuesday.

The broader Nifty 50 of the National Stock Exchange surged 140.05 points or 0.82 per cent to close at 17,123.60 points against its previous day's close at 16,983.55 points.

The Nifty had lost 257.45 points or 1.49 per cent on Tuesday.

There was good buying support in power, FMCG and financial stocks. Power Grid Corporation jumped 3.50 per cent to Rs 215.60. NTPC surged 2.42 per cent to Rs 164.90.

Axis Bank soared 2.89 per cent to Rs 808.40. IndusInd Bank jumped 1.97 per cent to Rs 1187.30. L&T jumped 1.70 per cent to Rs 1911.45. UltraTech Cement rose 1.65 per cent to Rs 6176.90.

Hindustan Unilever rose 1.63 per cent to Rs 2591.35. Nestle India jumped 1.42 per cent to Rs 18721.35. ITC rose 1.27 per cent to Rs 330.15.

The index heavyweight Reliance Industries Limited closed 0.76 per cent higher at Rs 2375.05.

TCS closed 1.04 per cent higher at Rs 3100.75. TCS had lost 1.67 per cent on Tuesday a day after announcing financial results. Tata Consultancy Services (TCS), the country's largest software exporter, on Monday said its consolidated net profit jumped by 8 per cent to Rs 10,431 crore for the quarter ended September 30, 2022.

The company's consolidated revenue from operations rose surged by 18 per cent to Rs 55,309 crore in the second quarter of 2022-23 as compared to Rs 46,867 crore in the corresponding quarter of the last year.

Only five of the 30 scrips that are part of the benchmark Sensex closed in the red. Asian Paints slipped 1.60 per cent to Rs 3247.60. Dr Reddy's Laboratories closed 0.99 per cent down at Rs 4241.35. Bharti Airtel, Titan and ICICI Bank also closed in the red.

( With inputs from ANI )

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