New Delhi: Benchmark stock market indices rebounded from a weak start to close higher on Wednesday, finding some stability amid a global market recovery.
The Nifty 50 index rose 0.26 per cent to 19,716.45 points, while the S&P BSE Sensex increased 0.3 per cent to 66,118.69 points. Consumer and pharmaceutical companies led the recovery after a morning dip in the indexes.
Broader market indices also recovered, as smallcap stocks rose 1 per cent, and midcap stocks increased by 0.7 per cent. The IT and pharmaceutical sectors saw gains for the first time in seven sessions, with increases of 0.4 per cent and 1.2 per cent, respectively. Fast-moving consumer goods also rose by 0.8 per cent.
The top five gainers on the Nifty 50 were L&T, Coal India, ITC, Cipla, LTIM, while Titan, Grasim, Hero MotoCorp, SBI and ICICI Bank were the top drags.
Among individual stocks, shares of Vedanta Ltd. fell nearly 7 per cent after Moody’s downgraded the senior unsecured bonds of its parent company, Vedanta Resources, citing a high risk of debt restructuring.