Indian benchmark indices end flat on Wednesday

Sensex opens on higher note rallies nearly 200 points Nifty up by 10,000

The BSE Sensex gained 276 points to finish at 32,158 while the broader NSE benchmark index - Nifty - settled at 10,093, it second highest closing ever.

Major Sensex gainers on Wednesday were: Sun Pharma, up 4.02 per cent at Rs 502.95; Reliance Industries, up 3.13 per cent at Rs 849.10; DrReddy's Lab, up 2.09 per cent at Rs 2,210.10; Lupin, up 1.10 per cent to Rs 992.10 and Tata Motors, up 0.67 per cent at Rs 389.80. Broader markets turned green, with mid- and small-cap indices rising up to 1.08%. Market cap of BSE-listed companies stood at Rs 135,83,958 crore, up by over Rs 1,25,127 crore from the previous day.

On the sectoral front, realty was in a sweet spot, up 2.11%, followed by healthcare index, oil and gas and FMCG. Auto stocks jumped after the GST Council on Saturday exempted small and hybrid cars from any hike, but chose to levy an additional 2 per cent to 7 per cent cess on mid-sized and luxury cars as also SUVs. Stock markets opened with gains also backed the rupee, they added. Covering up short positions in some counters by speculators fearing buying activity to pick up in the coming session supported the upside, brokers said.

Tata Motors (up 3.14 percent), Tata Steel (up 3.30 percent) were among the major market movers.

The stock of the nation's largest company Indian Oil Corporation fell as much as 6.2% to the day's low of Rs 408; shares of another state-run refiner Bharat Petroleum Corporation plunged 8.4% to the day's low of Rs 489. The National Stock Exchange Nifty, however, finished 13.75 points in red at 10,079.30 despite trading higher in the morning.

Sentiment took a dramatic turn downwards, particularly in the last one hour of trading, given a lower opening in European markets and clamour for taking profit, traders said.

Companies start reporting results for the July-to-September period from second week of October.

"The macro environment seems favorable as the disruptive forces" of demonetization and GST fade, analysts led by Mahesh Nandurkar wrote.

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