new delhi, May 20
The Indian stock market ended marginally higher on Wednesday after recovering sharply from steep losses witnessed during the morning session, supported by strong buying in select heavyweight stocks and late-session gains in oil marketing companies. Benchmark indices staged a notable rebound during the second half of trade, recovering more than 1 per cent from the day’s lows before settling in positive territory.
The BSE Sensex rose 117.54 points or 0.16 per cent to close at 75,318.39, while the NSE Nifty gained 41 points or 0.17 per cent to settle at 23,659.00.
Markets had opened under pressure amid weak global cues and concerns over elevated crude oil prices, but selective buying in energy, banking and auto stocks helped improve investor sentiment later in the session. Banking stocks also recovered from intraday lows. The Nifty Bank index advanced 153 points to close at 53,562. Meanwhile, the Nifty Midcap 100 index gained 301 points to settle at 61,323, reflecting improved sentiment in broader markets. Despite the recovery in equities, the Indian rupee weakened sharply during the day and touched a fresh record intraday low of 96.96 against the US dollar, reflecting continued pressure from rising crude oil prices and foreign fund outflows.
The overall market capitalisation of companies listed on the Bombay Stock Exchange increased to more than Rs 461 lakh crore, up from Rs 459.65 lakh crore recorded in the previous trading session.
Among sectoral indices, oil and gas stocks emerged as the strongest performers. The Nifty Oil and Gas index climbed 1.59 per cent, while the Auto index gained 0.84 per cent.
On the other hand, Media and FMCG sectors ended lower. Nifty Media declined 1.45 per cent, while FMCG slipped 0.71 per cent. The IT sector also closed in negative territory, falling 0.42 per cent.
Banking indices remained firm through the latter half of the session. The PSU Bank index gained 0.43 per cent, while the Private Bank index rose 0.25 per cent.
Energy-related shares continued to witness strong buying interest. Nifty Energy advanced 1.19 per cent, supported by gains in major oil and gas companies. Reliance Industries emerged as the biggest contributor to the benchmark indices’ recovery, with its stock surging 2.8 per cent during the session. Meanwhile, India VIX, often referred to as the market’s fear gauge, slipped 1.02 per cent to 18.49 in late trade, indicating easing volatility.
Global crude oil prices remained elevated, although Brent crude traded slightly lower during the session. Oil prices continued to hold above the $110 per barrel mark.
