MARKET: Sensex ends 290 pts up as financials rally; Nifty settles at 10,116


The domestic equity market ended Wednesday's volatile session in the positive territory, supported by last-minute buying in counters such as Reliance Industries (RIL), HDFC, TCS, ICICI Bank, and IndusInd Bank. 


The S&P BSE Sensex ended the day at 34,247.05, up 290 points or 0.86 per cent with IndusInd Bank (up nearly 8 per cent) being the top gainer and Hero MotoCorp (down nearly 4 per cent) the biggest loser. 


NSE's Nifty ended at 10,116, up 69.50 points or 0.69 per cent. Of 50 constituents, 28 advanced and 22 declined. India VIX, the volatility gauge, slipped nearly 3 per cent to 29.35 levels. 


Meanwhile, traders also awaited the outcome of the US Federal Reserve's two-day rate-setting meeting, due later in the day. The Fed's statement on the economic outlook is expected to be a key factor in swaying investor sentiment for the next few days.

In the broader market, the S&P BSE MidCap index gained nearly 0.81 per cent to 12,659.34 levels while the S&P BSE SmallCap index climbed 0.92 per cent to 11,955.04-mark. 

Sectorally, PSU bank stocks advanced the most with the Nifty PSU Bank index jumping 3.5 per cent to 1,395.05 levels. NIfty Bank ended 1.81 per cent higher at 21,100 levels while NIfty Realty index gained nearly 2 per cent to 206.60. On the flip side, Nifty Auto declined over 1 per cent to 6,502.65 levels. 

Buzzing stocks

Shares of Panacea Biotec hit a 20 per cent upper circuit of Rs 203 on the BSE after the company said it has inked a pact with US firm Refana for Covid-19 vaccine. The collaboration will enable global development, manufacturing and distribution of the Covid-19 vaccine. READ MORE 

Jubilant Life Sciences extended its seven-day rally and surged 12 per cent to Rs 625 on the BSE during the day after the company reported strong earnings for the quarter ended March 2020 (Q4FY20). The stock ended at Rs 601, up over 8 per cent. The company reported a 92 per cent year-on-year (YoY) jump in normalised profit after tax at Rs 260 crore in Q4FY20, as against Rs 135 crore in Q4FY19. Revenue from operations remained flat at Rs 2,391 crore, as compared to Rs 2,386 crore in the previous year quarter. READ MORE

Tata Consultancy Services (TCS) extended its gains into third straight day and hit a three-month high of Rs 2,127 during the day ahead of the company’s scheduled annual general meeting (AGM) on June 11, 2020. The stock settled at Rs 2,108.30, up 1.7 per cent. READ MORE

Global markets




World stock markets hovered below three-month highs on Wednesday, while the dollar stumbled ahead of a meeting of the US Federal Reserve. 


European stock markets gained 0.8% in early trade, but held below three-month highs. MSCI’s broadest index of Asia-Pacific shares outside Japan, which has galloped 9 per cent higher in June and is 35 per cent above March lows, rose 0.4 per cent. Japan’s Nikkei added 0.15 per cent.


In commodities, oil fell more than 1 per cent towards $40 a barrel after a report showed a rise in crude inventories in the United States, reviving concerns about oversupply and weak demand due to the coronavirus crisis.


The report from the American Petroleum Institute, an industry group, said crude stocks rose by 8.4 million barrels, rather than falling as analysts forecast.


(With inputs from Reuters)