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Positive global cues and consistent FII inflows also aided sentiment. Banking and financials jump close to 2% each
Stocks that were in focus include names like EIH which was up over 11 per cent, Wockhardt rose more than 8 per cent, and Hindustan Foods rose nearly 6 per cent on Wednesday.
On Wall Street, the S&P 500 rose 1.8%, its biggest single-day gain in four weeks, with roughly 95% of the stocks in the benchmark index closing higher. The Dow Jones Industrial Average rose 1.4% and the tech-heavy Nasdaq climbed 2.1%. Smaller company stocks outgained the broader market, driving the Russell 2000 index 2.2% higher.
Rakesh Gangwal, co-founder of IndiGo, and his family are looking to sell a 2.8 per cent stake or 10.8 million shares in the budget carrier, through a block deal or roughly about Rs 1,996 crore.
BSE Sensex was 168.08 points or 0.28 percent down at 59,028.91 while the broader Nifty ended the day with a loss of 31.2 points or 0.18 percent at 17,624.4.
The U.S. services industry picked up again in August for the second straight month amid stronger order growth and employment. Gold imports by India, the world’s second-biggest bullion consumer, halved in August from year ago levels, as volatile local prices and a weak rupee prompted consumers to postpone purchases, a government source told Reuters on Tuesday.
Some analysts have said the fact that Suzuki has not reiterated the strong language used in July, when he said he was “concerned” after the yen fell beyond 139 to the dollar, suggested intervention in the currency market may not be imminent.
The budget carrier IndiGo has said Pieter Elbers, who was named as the Chief Executive Officer of the company to replace Ronojoy Dautta, has joined the position.
“One has to be fairly selective in the capital goods space and hence our focus out here is more on domestic plays, companies which are feeding into domestic, defence plays etc and those appear to be more resilient than others. I am circumspect and select also given the fact that the valuations are fairly expensive at this juncture.”
“The domestic focussed sectors viz. Capital Goods, FMCG, Auto, etc. are relatively better positioned and would also benefit from the recent correction in commodity prices, which will help ease margin pressures. With the infrastructure push from the government, we are positive about the capital goods sector, and with capacity utilization picking up above the long-term average, we should also see a gradual recovery in private sector capex.”