Sensex gains for 3rd straight day, up 123 points, Nifty above 17,750; Rupee weakened by 13 paise

Bears’ closing of short positions supported the stocks’ late recovery, helping offset losses.

Of the 30 stocks in the Sensex, 17 ended the day in the green, while the remaining 13 suffered losses.

The domestic stock market, which rose to a third session high, ended the day on Wednesday on a positive note with robust phase-end buying in banking and financial stocks amid a bearish trend in global equity markets. The BSE Sensex gained 123.63 points to settle at 60,348.09, while the NSE Nifty rose 42.95 points to 17,754.40. However, the rupee weakened by 13 paise to close at 82.05 (preliminary).

Of the 30 stocks in the Sensex, 17 ended the day in the green, while the remaining 13 suffered losses. The Sensex lost more than 300 in the morning trade, but it later returned to the green territory at 123.63. The BSE benchmark touched an intraday low of 59,844.82 and an intraday high of 60,402.85.

Most Asian markets, including the Hang Seng and the MSCI AC Asia Pacific, witnessed declines. Stock markets in Europe were trading lower in the afternoon session. US markets were significantly lower in the overnight session.

Meanwhile, bear closing short positions supported the stock’s late recovery, helping offset losses, according to traders. However, a weak rupee against key overseas rivals weighed on market sentiment and limited profits, they added.

On the Sensex, IndusInd Bank was the biggest gainer with a gain of 4.75 percent, followed by M&M, L&T, NTPC, ITC, Ultra Cement, Tata Steel, Maruti and SBI.

In contrast, Bajaj Finance, Tech Mahindra, Infosys and Sun Pharma were among the top losers, falling as much as 2.30 percent.

Vinod Nair, Head (Research) at Geojit Financial Services said, “The global market is back on the edge of uncertainty as the US Fed chief hinted at the possibility of a longer and faster rate hike, contradicting the dovish comments made by someone else. Fed official last week.

He said the market now expects a rate hike of 50 bps, sending the dollar index to a three-month high. However, the domestic market saw a strong recovery towards the end of the day, which kept the bulls moving.

The Brent oil international brand decreased by 0.16 percent and was sold at 83.16 dollars per barrel. Foreign institutional investors (FIIs) were net buyers in the capital markets as they bought shares worth Rs 721.37 crore on Monday, stock exchange data showed.

The rupee fell 13 paise to close at 82.05 (preliminary) against the US dollar on Wednesday.

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