The market started off on a high note, and despite turning a bit choppy amid some profit taking in a few front line stocks, held a good portion of its early gains and signed off on bright note on Wednesday.
Renewed optimism that the U.S. government will manage to fix the fiscal cliff, slightly easing concerns about the eurozone economy and hopes on the reforms front following the Lok Sabha's approval to the proposed banking sector regulations kept the mood fairly bullish right through the session.
The BSE benchmark Sensex, which opened higher by around 65 points at 19,429.91 and advanced to 19,516.02 in early trades, ended the session with a gain of 111.25 points or 0.57% at 19,476.
The Nifty index of the National Stock Exchange settled at 5929.60, gaining 32.80 points or 0.56%. The index touched a high of 5917.30 and a low of 5910.80 during the day.
Automobile stocks traded firm right through the session and ended on a high note. Healthcare, metal, information technology and oil stocks too had a good outing.
Realty, power and bank stocks ended on a mixed note. Consumer durables stocks were mostly subdued. FMCG and capital goods stocks were a bit weak today. A few stocks from midcap and smallcap segments posted impressive gains.
Automobile stocks were in demand amid expectations of strong quarterly results. Tata Motors (3.3%), Maruti Suzuki (2.4%), Bajaj Auto (2.3%) and Hero Motocorp (2%) moved up sharply. Mahindra & Mahindra ended 0.4% up.
Sun Pharmaceutical Industries extended recent gains and ended stronger by nearly 3.5%. ONGC gained 3.2%. Wipro, Jindal Steel & Power, Tata Steel, Tata Consultancy Services, Cipla, HDFC Bank, Hindalco, BHEL, Coal India, Sterlite Industries, Reliance Industries and Infosys moved up by 1% - 2.6%. Bharti Airtel, Tata Power, GAIL India and Dr Reddy's Laboratories also ended on a firm note.
The market breadth was positive. Out of 3105 stocks traded on BSE, 1651 stocks moved up. 1310 stocks declined and 144 stocks ended flat.