New Delhi: The markets ended higher on Wednesday after weak opening and initial sluggish trade.
Maintaining Tuesday’s momentum, the benchmark Sensex ended over 81 points higher on the Bombay Stock Exchange on account of late buying by funds and general investors.
Despite the initial trade was sluggish – inline with rest of the Asia – the markets took a u-turn post lunch and moved in the green.
The BSE-30 share index, Sensex, which had lost nearly 85 points in early trading, rebounded to close 81.05 points higher at 14,217.77, thanks to strong rally in heavy-weight stocks such as Reliance Industries, ACC, State Bank of India Tata Motors and Grasim Industries.
In similar manner, on the wide-based National Stock Exchange index Nifty gathered 25.50 points at 4,167.30 after moving between 4,173.30 and 4,114.35.
In the broader markets midcap and smallcap outperformed the frontline indices, which gave market reasonably good breadth.
The turnover was also higher ahead of the F&O expiry.
Stock brokers said the RBI's decision to leave all key rates unchanged and expectations that the trend-setters, Reliance Industries would come out with strong earnings tomorrow mainly buoyed the trading sentiments.
Reliance Industries remained extremely bullish and crossed Rs 1,600 mark for the first time to hit Rs 1605.15 before winding up Rs 19.40, or 1.23 per cent higher at Rs 1,599.85.
Other stocks, which also participated in the rally were, Grasim Industries, ACC, State Bank of India, HDFC Bnk, HDFC, Ranbaxy Lab. ITC and Hero Honda, extending significant support to the Sensex.
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