The domestic stock markets rallied on Wednesday, with the 30-share BSE Sensex zooming more than 450 points, even as the broader Nifty 50 closed above the psychological 10,450 mark. BSE Sensex closed at 34,760.89, up by more than 1.35%; while Nifty closed at 10,461, up by 1.54%. Earlier, Sensex rallied to an to an intra-day high of 34,858.35 points on Wednesday led by gains in banking and NBFC stocks. The NSE Nifty 50 traded firmly above the 10,450-level and scaled a high of 10,479.65 points during the mid-afternoon trade deals. However, the IT sector continued to trade with losses.
Notably, shares of Axis Bank, SBI, Maruti Suzuki, Yes Bank, ICICI Bank were among the top gainers on Wednesday, ralling by up to 6%, while shares of IT majors, Infosys, TCS lost more than 2% each in the afternoon trade. In the Nifty, shares of Bajaj Finserv, Bajaj Finance rallied by more than 10% each, while shares of Infratel, HCL Tech were among the top losers, shedding more than 1.5% each.
In the global markets, Asian shares barely moved on Wednesday after world stocks hit eight-week lows the previous day on worries about global economic growth, although the British pound stayed firm on hopes for a Brexit deal, said a Reuters report. Oil prices edged lower after the IMF lowered its global growth forecasts but prices were somewhat supported as Hurricane Michael churned towards Florida, causing the shutdown of nearly 40% of U.S. Gulf of Mexico crude output.