Positive global cues and an upbeat sentiment with favourable corporate news flow helped benchmark indices close higher on Wednesday.
The S&P BSE Sensex gained 117.34 points or 0.44 per cent to end at 26560.15 while the CNX Nifty gained 31.3 points to close at 7936.
According to Ravi Kumar Kavikondala of WealthRays Securities, “Markets opened higher today drawing optimism from Wall Street. European markets were under pressure with the FTSE mildly up as Ukraine issue was in focus.”
Jayant Manglik, President-retail distribution, Religare Securities, said sentiment remained upbeat after oil ministry said that it would seek Cabinet nod for freeing diesel prices after retail rates achieve parity with global levels and had proposed to cut subsidy payout by upstream firms such as ONGC and Oil India by half. ONGC gained 2.4 per cent during trade.
There was also some positive sentiment on the expectation of a possible stimulus in the Euro zone which could result in increased foreign inflows.
Among the losers, DLF lost significant ground at 4.5 per cent on the allegation that the company abused its dominant position in Gurgaon.
Rupee edges down
The rupee opened higher but remained in a range as the euro strengthened against the U.S. dollar. After an intra-day low of 60.5, it remained in a range and closed at Rs.60.45, down 2 paise.
