The benchmark indices are trading softly on Wednesday afternoon amid a period of volatility. Asian Paints has gained over 4 per cent after the second quarter results, while Axis Bank is down 5 per cent. Sensex has been confined in a narrow range of 250 points from intra-day low of 61,315 and high of 61,576. As of 1:00 pm, the BSE benchmark is trading at 61,458.55, up 110 points or 0.18 per cent and the NSE Nifty is up 45 points or 0.25 per cent at 18,316.30.
BSE Midcap Index and BSE Smallcap Index gained 0.4 per cent and 0.6 per cent, respectively, with gains in broader markets.
In the currency market, the rupee fell by 6 paise to 75.02 against the US dollar on Wednesday, weighing it down on firming crude oil prices and strengthening dollar. In the interbank foreign exchange, the rupee opened on a weak note at 75.02, recording a fall of 6 paise from the previous close.
On the stock-specific front, Asian Paints has gained 4 per cent in the gainer’s listing on the BSE to Rs 3,100 on reports that the leading India company has hiked the prices of its products. SBI, Sun Pharma and ICICI Bank have gained nearly 2 per cent on the BSE.
On the other hand, Axis Bank shares have fallen more than 5 per cent in a day to Rs 796 after the private lender reported its September quarter earnings. Axis Bank reported 86 per cent growth in standalone net profit at Rs 3,133 crore for the second quarter ended September 2021 as against Rs 1,682.67 crore in the same period last year. Shares of India’s second-largest private lender had gained 4 per cent on Tuesday ahead of the results. Bajaj Finance, IndusInd Bank and Bajaj Finserv were the other significant losers in the BSE pack, losing 2-3 per cent each.
BSE market is strong. Of the 3,310 stocks traded on the BSE, 1,947 are advance shares as against 1,225 declines.