Stock Market ends on high note after consecutive losses

The Indian Stock Market on Wednesday ended marginally higher after four days of consecutive losses. Strong gains were witnessed in metal, oil-linked and select heavyweight stocks offset weakness in IT and auto shares.

At close, the Sensex rose 49.74 points or 0.07 percent to 74,608.98, while the Nifty gained 33.05 points or 0.14 percent to settle at 23,412.60.

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Oil marketing company stocks ended near the day’s high. HPCL rose over 5 percent after announcing its quarterly results.

BSE 150 Midcap index rose by 0.71%, while the BSE 250 Smallcap index climbed by 0.27%.

The overall market capitalisation of the firms listed on the BSE rose to nearly Rs 459 lakh crore from Rs 456 lakh crore in the previous session.

The Indian Rupee weakened 0.1 per cent to 95.7450 against the US dollar, surpassing Tuesday’s previous all-time low of 95.7375.

Among the sectors, Metal stocks emerged as the top-performing sector. Nifty Metal index surged 3.18 percent. Further, Oil & gas, infrastructure and consumer durable stocks also ended firmly higher.

IT stocks remained under pressure for a second straight session. Nifty IT index fell 1.13 percent, while the Nifty Auto index declined nearly 1 percent.

SAIL rallied 14.43 percent to top the BSE Midcap gainers list.

Shares of Biocon moved higher by 4% intra-day trade. In the past three trading days, the stock price of the pharmaceuticals company has rallied 10 per cent.

Gold and silver exchange traded funds (ETFs) were trading sharply higher after the government raised import duties on gold and silver to 15 per cent from 6 per cent.

Gold futures for June delivery edged higher to Rs 1,62,621 per 10 gram, up 6 per cent from the previous close of Rs 1,53,442 per 10 gram on MCX during the morning session.