Sensex climbs over 500 points to reclaim 61K-level on earnings optimism

The BSE gauge Sensex surged over 500 points to recapture the key 61,000-level on Wednesday as participants pinned hopes on robust quarterly results by companies.

Extending its winning run for the fourth straight session, the 30-share Sensex settled 533.15 points or 0.88 % higher at 61,150.04. Intra-day, the index touched its highest point at 61,218.19.

Similarly, the NSE benchmark Nifty rose 156.60 points or 0.87 % to end at 18,212.35.

On the Sensex chart, M&M, Bharti Airtel, RIL, IndusInd Bank, ICICI Bank and Tata Steel were among major gainers – rising as much as 4.68 %.

In contrast, TCS, Titan, HDFC Bank, Tech Mahindra, Wipro and Nestle closed in the red.

Analysts said the short-term momentum reflects the market is in complete control of the bulls and the expected good results from the three IT majors are likely to impart resilience to the benchmarks.

Results from leading banks starting Saturday are also expected to be good thanks to declining provisioning and rising net interest margins, they added.

Elsewhere in Asia, most markets closed higher in line with a positive Wall Street.

On the forex market front, the rupee ended 1 paisa higher at 73.93 (provisional) against the U.S. dollar.

Foreign institutional investors (FIIs) were net buyers in the capital market, as they bought shares worth ₹ 111.91 crore on Tuesday, according to stock exchange data.