Sensex Rises 100 Points, Nifty Above 22,500; JK Tyre Soars 9%

Equity markets were flat-to-positive on Wednesday with the S&P BSE Sensex quoting 83 points, or 0.11 per cent, higher at 74,037 levels. The Nifty50, on the other hand, traded at 22,556, up 27 points or 0.12 per cent.

Ultratech Cement, Coal India, SBI, LTIMindtree, DR Reddy’s Labs, ONGC, HUL, and NTPC were the top gainers on the Nifty50 index, gaining up to 1.6 per cent.

On the downside, Sun Pharma, JSW Steel, Hero Moto, Maruti Suzuki, IndusInd Bank, and Power Grid were capping the upside.

In the broader markets, the BSE MidCap, and SmallCap indices traded 0.36 per cent and 0.58 per cent higher, respectively.

Among sectors, the Nifty Realty led from the front, rising over 1 per cent. The Nifty PS Bank, on the contrary, fell the most (down 0.3 per cent).

One inference that can be drawn from institutional activity this month is that there is no excessive concern regarding the much talked about election results jitters. Net institutional selling is almost nil since the FII selling of Rs 37500 crores has been neutralised by DII buying of Rs 37369 crores so far this month. Also, it is important to understand that FII selling has been triggered by the outperformance of Chinese stocks which nudged FIIs to sell in expensive India and buy in cheap Hong Kong. Therefore, institutional activity does not reflect any election-related jitters. The decline in India VIX by 9% in recent days also indicates a return of stability in the market.