The Indian market was higher for the second consecutive session today. Sensex climbed 632 points to 54,884 and Nifty gained 182 points higher at 16,352. NTPC, Bharti Airtel, PowerGrid, Tata Steel and Reliance Industries were the top Sensex losers, falling to 2.43 percent.
23 of 30 Sensex stocks ended up higher. BSE mid-cap and small-cap indices gained 374 points and 303 points, respectively.
Market data shows that the weakness in the US market is coming to an end, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The Fed minutes suggest pausing by the end of the year after front-loading rate hikes. There are indications that the US economy is slowing down, which will allow the Fed to be less hawkish than the market discounted. The main trigger for market weakness in India is the FPI selling. It is showing signs of exhaustion. DII and retail buying, overwhelming FPI selling and short covering can trigger a near-term rally. He said that leading banks are safe bets.
Among the BSE sectoral indexes, IT and banking shares rose 676 points and 549 points, respectively. The market cap of BSE-listed firms increased to 253.12 lakh crore on BSE.
Here's a look at the top five Sensex gainers in today's trade.
Tech Mahindra: The IT major's stock was 4.10 per cent higher at Rs 1,123 on the BSE. The firm's market cap rose to 1.09 lakh crore. The stock touched an intraday high of Rs 1126, rising 4.33 percent on the BSE.
IndusInd Bank: The banking stock ended up at Rs 926, which was 3.23 per cent higher. The stock was close to an intraday high of Rs 926.35, rising 3.27 percent on the BSE. The firm's market cap rose to 71743 crore.
Wipro: The large-cap stock ended up 2.98 percent higher at Rs 466.95 against the previous close of Rs 453.45. The firm's market cap increased to 2.55 lakh crore. The stock was at an intra day high of Rs 467.55, rising 3.11 percent on the BSE.
Bajaj Finance: The stock ended 2.98 per cent higher at Rs 5993.65. It opened at Rs 5915 today. The market cap of the firm went up to 3.64 lakh crore.
M&M: The stock was 2.67 per cent higher at Rs 953.20 on the BSE. It rose to Rs 957.95, a gain of 3.18 percent against the previous close of Rs 928.45. The firm's market cap was increased to 1.18 lakh crore.