Stock market ends in green, indices recover over 1%

The Indian Stock Market on Wednesday ended higher after staging a sharp recovery from deep morning losses, supported by strong gains in select names. Oil marketing company stocks witnessed strong late-session buying.

Both indices recovered over 1 per cent from the day’s lows to end the session in positive territory.

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At close, the Sensex rose 117.54 points or 0.16 per cent to settle at 75,318.39, while the Nifty gained 41 points or 0.17 per cent to close at 23,659.00.

Banking stocks also recovered from intraday lows. Nifty Bank rose 153 points to close at 53,562, while the Nifty Midcap 100 index gained 301 points to settle at 61,323.

Indian rupee touched a fresh record intraday low of 96.96 against the US dollar.

The overall market capitalisation of BSE-listed firms rose to over Rs 461 lakh crore from Rs 459.65 lakh crore in the previous session.

Among the sectors, Nifty Oil and Gas and Auto jumped 1.59% and 0.84%, while Nifty Media fell by 1.45% and FMCG declined by 0.71%. IT also ended at a loss of 0.42%.

Bank Nifty rose 0.29%, while the PSU Bank and Private Bank indices climbed by 0.43% and 0.25%, respectively.

Energy-linked stocks remained strong. Nifty Oil & Gas surged 1.31 per cent, while Nifty Energy gained 1.19 per cent.

Reliance Industries emerged as the biggest support for benchmark indices on Wednesday, surging 2.8 per cent.

India VIX slipped into the red in late trade, falling 1.02 per cent to 18.49.

Brent crude traded slightly lower. Oil prices still held above the $110-a-barrel mark.