Sensex gains 513 points to close above 85,000 over heavy buying in IT heavyweights

Mumbai, Nov 19 The domestic equity indices settled sharply higher on Wednesday, recovering significantly from the early losses amid heavy buying in IT heavyweights and selected large-cap stocks.

Sensex ended the session at 85,186.47, up 513.45 points or 0.61 per cent. The 30-share index started the session in negative territory at 84,643.78 against last session's closing of 84,673.02. However, the index recovered over 700 points from early losses to hit an intraday high at 85,236.77 amid value buying in certain sectors.

Nifty closed at 26,052.65, up 142.60 points or 0.55 per cent.

"The index initially slipped into negative territory but found strong buying interest near the 25,850 support zone. From there, bulls took charge, propelling Nifty to reclaim and test the Technical & psychologically crucial 26,000 mark," Ashika Institutional Equities said in its market note.

HCL Tech, Infosys, TCS, Hindustan Unilever, Sun Pharma, Titan, Tech Mahindra, ICICI Bank, SBI, BEL, Tata Steel, Mahindra and Mahindra, and L&T were the top gainers from the Sensex stocks. Tata Motors PV, Maruti Suzuki, Bajaj Finance, Asian Paints, and ITC ended lower.

"National indices staged a strong rebound on renewed optimism over an India-US trade deal, following encouraging comments from the Union Commerce Minister," analysts said.

The majority of sectoral indices traded higher amid value buying. Nifty IT soared 1,069 points or 2.97 per cent, Nifty Auto jumped 66 points or 0.24 per cent, Nifty Bank increased 316 points or 0.54 per cent, and Nifty Fin Services ended the session 96 points or 0.35 per cent higher.

However, the broader market experienced a mixed approach amid selling in Smallcap stocks and timid buying sentiment in Midcap. Nifty Midcap 110 rose 127 points or 0.21 per cent, Nifty 100 increased 121 points or 0.46 per cent, while Nifty Smallcap 100 fell 78 points or 0.43 per cent.

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