Markets snap 2-day losing streak, NIFTY50 end at 24,143, SENSEX above 79,100: Check top gainers and losers

Benchmark indices SENSEX and NIFTY closed marginally higher on Wednesday as gains from IT stocks were offset by selling in mining-related shares following a Supreme Court verdict on mineral royalty dues.

NIFTY50 closed marginally up by 0.02%, or 4.75 points, at 24,143 after a volatile session. The index moved between a high of 24,196.5 and a low of 24,099.7 during the session.

SENSEX also closed higher by 149.85 points, or 0.19%, at 79,105 after a see-saw trading session. The index oscillated between a high of 79,228.94 and a low of 78,895.72 intraday.

The broad market was negative: Of the total 2,798 stocks traded on the NSE, 1,073 advanced, and 1,644 declined.

While IT shares supported the gains following weak inflation data in the US, which bolstered hopes of rate cuts, losses in mining shares of Coal India, UltraTech Cement, and steel companies dragged the index down.

On Wednesday, the Supreme Court upheld its July 25 verdict on the rights of the states to levy taxes on mining activities, rejecting Centre’s plea. In its earlier order, the apex court upheld the power of states to levy tax on mineral rights and mineral-bearing land. The SC also allowed the states to recover taxes on mining and related activities retrospectively from April 1, 2005.

NIFTY Metal, Media among major sectoral losers

NIFTY Metal dropped the most by 1.2% as NMDC, Hind Copper and Nalco declined up to 6% on SC order. NIFTY Media (0.92%), Oil & Gas (0.63%) and Realty (0.55%) also declined.

NIFTY IT shot up 1.64%, following gains in Indian IT majors such as TCS, Infosys, and HCL Tech. Consumer Durables and Auto also closed in green.

Top gainers: IT shares lead on revival in US stocks

IT pack led the gains on Wednesday amid expectations of lower inflation numbers in the US, which could boost hopes of a rate cut in the world’s latest economy.

Tech Mahindra also gained more than 1%. The stock moved in a range of ₹1,529.45 to ₹1,505 in day trade. Mahindra& Mahindra also rose more than 1% to hit an intraday high of ₹2,771.95 before trading at ₹2,740.30, up by 0.80%. Besides, BPCL, Bharti Airtel and Wipro rose up to 1%.

Hero MotoCorp, Divis Labs, Coal India and UltraTech Cement among top losers

Mining major Coal India dropped up to 4.35% to hit a low of ₹499.05 on NSE. CIL shares closed 3.00% lower at ₹506 following the SC order on mineral royalty dues.