Indices rallied 0.8% on Wednesday with Sensex gaining 475 points and Nifty 140 points

Indices rallied 0.8% on Wednesday with Sensex gaining 475 points and Nifty 140 points

Indices snapped out of their downward spiral to register a gain of 0.8% on Wednesday. The day started on a volatile note but gained momentum towards the afternoon.

Sensex added 478 points to close at 57,625, while Nifty regained its 17,000 mark to close at 17,123, a gain of 140 points.

FMCG, Bank, Auto, Realty and IT ended with healthy gains, while Consumer Durable index remained under pressure throughout the session but closed with minor gains. All indices ended on the green side.

Asian Paints, Adani Enterprise and Dr Reddy’s lost ground in today’s session. On the other hand, Coal India, Axis Bank, Power Grid and Bajaj Auto were among the top gainers.

Asian market had a mixed day amidst worry of recession and further rate hikes.

Japanese stocks ended flat after a bumpy trading session with tech companies countering gains in travel-related firms. The Nikkei share average swung between losses and gains before closing down 0.02%.

Hong Kong stocks finished Wednesday with another loss having swung through the day. The Hang Seng Index shed 0.78%. But the Shanghai Composite Index jumped 1.53%.

European shares were trading flat but investors are keeping an eye on the earnings reports amidst heightened worries about the impact of tighter monetary policies on corporate profits.

The pan-European STOXX 600 index fell in the morning but turned flat soon. Meanwhile, sterling recovered after hitting a 13-day low overnight as the Bank of England reiterated that it would end its emergency bond-buying at the end of the week.

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