Closing Bell: Stock market ends 2% higher; Nifty above 16,300, Sensex adds more than 1200 points

The Indian markets ended more than 2% higher as benchmarks extended gains for the second consecutive day on Wednesday. The broader Nifty50 and the Sensex surged as the former closed above 16,300, while the latter added nearly 1200 points on back of exit polls predicting positive outcome for BJP in Uttar Pradesh.  

Benchmarks Nifty50 and Sensex ended the day at 16,345.35  and 54,647.33 respectively.  

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The rally was led by banking, auto, IT and realty stocks as metal was the only index to decline in an otherwise positive market.  

Nifty midcap and smallcap too finished strong as the indices ended with gains of over 2% each, while the Nifty Bank gained oer 650 points to trade near 33,800.  

Bluechip stocks such as Asian Paints, Reliance Industries, Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv and HDFC Bank led from the front as the markets ended positive for second day in a row.  

Shree Cement, ONGC, Power Grid, NTPC, Coal India and Tata Steel were among top losers on Wednesday.  

"The market witnessed some swift recovery after a positive start. The market continues to stay positive after the market breached the level of 16150-16200," said Vijay Dhanotiya,  Lead- Technical at CapitalVia Global Research Limited. 
 

Our research suggests a significant breakout above the levels of 16400-16450 could result in improvement of market breadth and market can rally till the levels of 16800, he said. "We have observed the momentum indicators like RSI and MACD indicating positive side recovery in the market," he added.