FINAL TRADE: Nifty50 reclaims 21,450, Sensex up 690 pts as IT, FMCG shares aid rebound on D-Street

Stock market today: Domestic blue-chip indices Nifty50 and Sensex see-sawed in a wide range around the flatline amid choppy trade on Wednesday before settling with gains of around one per cent each, as IT, oil & gas, FMCG shares powered a stunning intraday recovery on Dalal Street through select heavyweights such as Axis Bank, ICICI Bank and Asian Paints played spoilsport. Investors awaited more of large-cap earnings from India Inc for domestic cues, amid positive signals from global markets where investors pinned hopes on positive tech results.

The Nifty index ended 215.2 points higher at 21,454 and the Sensex settled with a gain of 689.8 points at 71,060.3.

The Nifty Bank finished 67.4 points, or one per cent, higher at 45,082.4. Broader indices Nifty Smallcap 100 and Nifty Midcap 100 settled 1.7 and 1.8 per cent higher, respectively. 

Hindalco, Dr Reddy's, Tata Steel, HCLTech and Power Grid, closing around 3-5 percent higher, were the top Nifty50 gainers. On the other hand, ICICI Bank, Axis Bank and Asian Paints were the worst hit among the seven laggards in the blue-chip pack. 

The stock of Mumbai-headquartered Axis Bank closed 2.7 per cent lower at Rs 1,059.6 apiece on NSE. Read more on Axis Bank shares 

"The market rebounded from yesterday's sell-off taking cues from global peers. The sentiment was reinforced by the PBoC's 0.5 per cent cut in reserve ratio to boost growth and financial liquidity," said Vinod Nair, Head of Research, Geojit Financial Services.

"However, overall sentiment is muted as concerns persist on FIIs selling due to premium valuations in India and below expectation Q3 earnings so far," he added.

Global markets

European shares registered sharp gains in early hours boosted by technology stocks, after software firm SAP and chip-making equipment maker ASML Holding posted strong earnings, while fresh stimulus from China's central bank also aided sentiment. The pan-European STOXX 600 index rose as much as 0.9 per cent.

With inputs from agencies

Catch highlights of the January 24 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.