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SENSEX GAINS 358 PTS, NIFTY TOPS 11,050 MARK LED BY METALS, IT

Mumbai: The frontline indices settled around 1 per cent higher on Wednesday led by the gains in Reliance Industries (RIL), ICICI Bank, Infosys, TCS and Bajaj Finance.
The S&P BSE Sensex ended at 36,975, up 358 points or 0.98 per cent, while the broader Nifty50 index settled at 11,062, up 128 points or 1.17 per cent.

Among the sectoral indices, Nifty Metal index settled 2.34 per cent higher led by Steel Authority of India (SAIL) and Jindal Steel and Power. Also, the Nifty IT index ended 2.01 per cent higher led by gains in Tech Mahindra and Infibeam Avenues.

 

However, the broader market indices underperformed their benchmark peers. The S&P BSE MidCap index ended 17 points or 0.12 per cent lower at 14,425, while S&P BSE SmallCap settled at 13,668, up 6 points or 0.05 per cent..

Shares of Reliance Industries (RIL) settled 1.52 per cent higher at Rs 1,310 apiece on BSE. In the past 17 trading days, RIL outperformed the market by surging nearly 20 per cent from Rs 1,096 on January 14, 2019, after the company reported a better-than-expected consolidated net profit of Rs 10,251 crore in October-December quarter (Q3FY19).

Shares of SRF jumped 10.75 per cent to settle at Rs 2,239 apiece on BSE after the company reported a strong set of numbers for the quarter ended December 2018 (Q3FY19).

Asian shares were subdued on Wednesday after US President Donald Trump’s State of the Union address failed to give markets fresh trading catalysts. MSCI’s broadest index of Asia-Pacific shares outside Japan was barely changed with China and several other markets in the region still closed for the Lunar New Year holiday.