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It took the Sensex just over five months to reverse all its losses it incurred from its earlier peak and touched the yearly low of 50,921 on June 17, 2022.
The Nifty Bank index closed above 43,000 after hitting a fresh record high of 43,163.40, intraday.
Housing Development & Infrastructure and Cargotrans Maritime will be announcing their Q2 results. Further, SRG Housing Finance will consider issue of warrants.
Oil prices also came under downward pressure after the Energy Information Administration (EIA) said on Wednesday that U.S. gasoline and distillate inventories had both risen substantially last week. The increase alleviated some concern about market tightness.
The BSE midcap index ended flat, while the smallcap index gained 0.5 percent
Meanwhile the release of U.S. Federal Reserve minutes from its November policy meeting later on Wednesday is being keenly awaited by investors as they look for insight of how officials view economic conditions.
Inox Green Energy Services will make Dalal street debut on Wednesday after running its initial public offering between November 11-15 as the company raised Rs 740 crore by selling its shares in the range of Rs 61-65 apeice.
At the beginning of this month, the U.S. central bank delivered a fourth consecutive 75 basis-point rate hike to tame inflation in what has become the fastest tightening of monetary policy in 40 years.
The Nifty PSU bank index rose 1.6 percent, while FMCG, information technology and metal indices gained 0.5 percent each. Selling was seen in energy names
Prices rebounded quickly in full after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is sticking with output cuts and not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the WSJ report.