Market makes strong rebound, Nifty closes above 24,200 mark

The Stock Market on Wednesday made a strong rebound with the Nifty closing above the 24,200 mark. Market was supported by positive global cues amid easing geopolitical concerns.

At close, the Sensex was up 1,263.67 points or 1.64 percent at 78,111.24, and the Nifty was up 388.65 points or 1.63 percent at 24,231.30.

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Among the sectors, all the indices were trading in the green. Nifty IT emerged as the best performer following a massive 2.8% rise while Nifty Media and Nifty Realty also added over 2% each. Capital Goods, Oil & Gas, Power, Infra, Consumer Durables, also rise 2% each.

Top gainers on Nifty were Interglobe Aviation, Max Healthcare, Power Grid Corp, Wipro, Eternal while losers were Dr Reddy’s Laboratories, Bharti Airtel, ICICI Bank.

On the BSE, over 150 stocks touched their 52-week high. These included Thermax, Kirloskar Oil, Siemens, Welspun Corp, Godawari Power, Hindalco Industries, Timken, Power Finance, MCX India, Anand Rathi, Adani Power, ABB India, Tata Power, NMDC, Sona BLW, Adani Energy, Hitachi Energy, Indian Bank, Titan Company, Honasa Consumer, among others.

Key metal stocks like Welspun Corp, Hindustan Copper, Hindalco Industries, Hindustan Zinc, and APL Apollo Tubes gained between 3% and 4.7%.

In the realty stocks, Lodha Developers, Anant Raj, Aditya Birla Real Estate, DLF, and Prestige Estates Properties closed with strong gains in the range of 3% to 5%.

IT shares snapped a two-day losing streak and settled nearly 3% higher. Wipro, Infosys, Tata Consultancy Services and HCL Technologies gained between 1% and 3%.

Metal stocks also posted gains with Welspun Corp, Hindustan Copper, Hindalco Industries, Hindustan Zinc, and APL Apollo Tubes gained between 3% and 4.7%.