Sensex ends 167 points higher; FMCG, oil & gas, financials up

The benchmark Sensex recouped more than half of Tuesday's losses by gaining 167 points while the Nifty closed above 5300 level, led by positive global cues and short covering. Equity benchmarks were volatile with negative bias in first half of trade while second half of trade was the recovery period for the markets.

Indian equities outperformed global markets on Wednesday. European markets like CAC, DAX & FTSE and US index futures like Dow Jones & Nasdaq were trading 0.6-0.7% higher, at the time of closing of Indian equities, after ECB tender results. European Central Bank lent banks 131.9 billion euros in 91-day operation.

However, Asian markets closed lower following sharp fall in US markets on Tuesday. Shanghai and Taiwan fell 1.2% each. Nikkei was down 2%. Hang Seng and Kospi were down 0.6% each while Straits Times rose 0.2%.

All sectoral indices gained barring IT. Oil & gas, financial, auto, FMCG, capital goods, power and realty companies' shares were the major gainers; respective indices rose 0.6-1.9%. However, Wipro, Bharti, GAIL, TCS and Cipla were the only losers.

The 30-share BSE Sensex closed at 17,700.90, up 166.81 points or 0.95% and the 50-share NSE Nifty rose 56.35 points or 1.07% to settle at 5,312.50. The Nifty July futures ended at 6.5 points premium, as per provisional data.

Trader Atul Suri feels the bull trend will continue in India if it does not make lower bottoms and the Nifty holds 4,785 levels. "The Nifty can touch a new 52-week high if global markets stabilise."