Closing Bell: IT, energy stocks lead rally as Nifty, Sensex end 1% higher; Tech Mahindra, ONGC top gainers

Bulls take control of Dalal Street as the Indian market continued its upwardc journey, extending the winning streak for the fourth straight session on Wednesday. Improved global sentiments, reduced FIIs selling, softening commodity prices were major reasons that triggered lamost one per cent jump in benchmark indices.  

The broader Nifty50 ended almost one per cent higher around 16,500, while the Sensex gained over 600 points to settle near 55,400 even as the market erased some gains in the closing hours.  

"The Indian equity markets are rallying this week where benchmark indices Nifty and Sensex have gained about 3% this week so far, thanks to a slowdown in FIIs selling, improved global sentiments, cool off in commodity prices, and better fundamentals of the Indian economy," said Santosh Meena, Head of Research, Swastika Investmart Ltd.  

Inflation is the biggest concern but it seems the worst is behind us and most of the pain has already been factored in by the market while the Indian economy is showing strong resilience, the expert added.  

Meanwhile, after surging for most of the trading session on Wednesday, Nifty midcap and small cap witnessed some profit booking as they ended with gains of around 0.15% and 0.7% respectively.  

Sectorally, auto, realty, media and consumer durables attracted marginal selling, while Nifty IT, Oil & Gas and FMCG led from the front.  

Tech stocks ruled the roost as the Nifty IT index surged more than two and half per cent. ONCG, Tech Mahindra, HCL, TCS, Reliance, State Bank of India, Infosys, Wipro, Hindustan Unilever, Titan surged the most in a positive market.  

HDFC Life, Mahindra & Mahindra, Eicher Motors, Sun Pharma, Adani Ports, Bajaj twins and Bharti Airtel were among the top laggards.