sensex news today: ET Market Watch | Sensex up over 500 pts, Nifty above 22K; RIL and HDFC Bank shine

Estimated read time 6 min read

Hello and welcome to a brand-new episode of ET MARKET WATCH – your daily podcast for daily market updates. I am Neha Vashishth Mahajan, let’s hear the top highlights of the day.

The Indian markets ended higher on Wednesday. The markets were mainly led by index heavyweights HDFC Bank and Reliance after Goldman Sachs set a Street-high target price. Oil marketing companies also boosted markets as a drop in crude oil prices aided hopes of sustained refining margins. Sensex rose 526 points and closed at 72,996 while Nifty gained 119 points and closed at 22,123.

Sectors
Small- and mid-caps gained 1% and 0.1%, respectively
Nifty Oil & Gas rose 0.5%, boosted by a 3.5% rise in Reliance Industries.

Stocks in news
ABB India closed 5.7% higher after UBS raised its price target citing sustainable earnings and growth in its electrification business.

Smallcap pharma firm Wockhardt closed with a 5% upper circuit after the company said it raised Rs 480 crore via QIP

Global Markets
Asian shares were mixed after Wall Street slipped a bit from its record highs. Hong Kong’s Hang Seng index lost 1.4% and the Shanghai Composite index was down 1.3%. Tokyo’s Nikkei 225 gained 0.9% and the S&P/ASX 200 added 0.5%.

Oil & Rupee
Oil prices fell, dropping more than 1% on Wednesday due to surging U.S. stockpiles and signs that the OPEC+ producer group is unlikely to change its output policy at a technical meeting next week.

Brent crude futures for May closed at $85.28 a barrel while U.S. WTI crude futures for May ended at $80.69.

The Indian rupee dropped to a record low due to strong dollar demand from importers and local oil companies. Closed at 83.3750 against the U.S. dollar.

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