Snapping a two-day losing streak, Indian equity indices reversed early losses and closed with gains in a highly volatile market on Wednesday led by auto, FMCG, IT and energy stocks.
The 30-share BSE benchmark Sensex advanced 690 points or 0.98% to settle at 71,060. The broader NSE Nifty gained 215 points or 1.01% to end at 21,454.
Meanwhile, the market capitalisation of all listed companies on BSE surged by Rs 5.42 lakh crore to Rs 371.4 lakh crore.
Nifty Media was the top sectoral index after closing over 3% higher. Nifty Metal also closed nearly 3% higher. Nifty Auto, FMCG, IT, Pharma, PSU Bank, and Oil & Gas also closed 1-2% higher. Meanwhile, the Nifty Midcap100 index gained 1.8%, and the Nifty Smallcap100 index rose 1.7%.
Here are the factors behind Wednesday’s rise in Sensex, Nifty:
1. Sebi gives FPIs 7 months to liquidate holdings
Market regulator Sebi has offered a relief of an additional seven months to offshore funds to liquidate holdings, in case they fail to disclose data about their investors by January 29, a report quoting sources suggested.
According to a Reuters report, the funds would have an additional 10-30 days to provide the investor data after the January 29 deadline. Even thereafter, if they fail to provide any details, they would have a further six months to reduce their holdings, one source told Reuters.
More to come…
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