SENSEX, NIFTY50 end with gains as Reliance, Hindalco, Bajaj Auto, others provide support amid weak market cues

The NIFTY50 index closed 0.17% or 41 points higher at 23,659 points after Wednesday’s trading session, compared to 23,618 points at the previous market close, according to the exchange data.

While the BSE SENSEX closed with 0.16% or 117 points gain at 75,318.39 points on May 20, compared to 75,200.85 points at the previous trading session.

Although the sharp pullback in the benchmark indices was primarily due to Reliance shares, other stocks also supported the trend reversal amid foreign investor outflows and the focus being on a weak rupee against the US dollar.

Earlier during the trading day, the index was under pressure from the elevated crude oil prices, a 9th-day record low for the Indian rupee and foreign investor outflow amid renewed tensions of further attacks in West Asia.

Investing.com data showed that the Indian rupee hit a fresh record low of 96.90 against the benchmark US dollar on May 20 amid a higher safe-haven greenback demand.

NIFTY50 top gainers today

NSE data showed that Hindalco, Reliance Industries, Bajaj Auto, Grasim Industries, Trent, and Axis Bank were among the top gainers on the benchmark NIFTY50 index on Wednesday, May 20.

Hindalco gained 3.5%, Reliance Industries was up 2.8%, Bajaj Auto gained 2.5%, Grasim Industries was up 1.6%, Trent was up 1%, and Axis Bank gained 1%, as per the closing numbers.

Reliance Industries has the highest weightage on the NIFTY50 index, and with the combination of sectoral, business-specific, and market-driven factors, the stock surged 2.8% to its intraday high levels.

NIFTY50 top losers today

BEL, Tech Mahindra, Eternal, Tata Steel, SBI Life Insurance, and Dr Reddy’s were among the top losers on Wednesday, according to the exchange data.

BEL shares lost 2.7%, Tech Mahindra shares lost 1.9%, Eternal dropped 1.5%, Tata Steel dropped 1%, SBI Life Insurance dropped 1%, and Dr Reddy’s lost 1% at the closing price on May 20.