NIFTY50 and SENSEX bounce back in green in afternoon session; RIL top index mover, up 2.7%

Indian benchmark indices swung back in action after a dull trading session since morning. The NIFTY50 and SENSEX jumped back in green in the afternoon session as key index heavyweights like Reliance Industries jumped over 2.7% on Wednesday.

The NIFTY50 traded 50 points higher at 23,668 after trading in range of 23,397 to 23,620. The index breadth remains in favor of advances as 26 stocks traded in green and 23 in red.

Similarly, SENSEX soared over 700 points from intraday low of 74,529 to hit an intraday high of 75,385 on Wednesday afternoon. 16 out of the 30 index stocks traded in green and 14 others in red.

The sharp pullback from lower levels to positive territory is primarily driven by Reliance Industries shares , which rose nearly 3% on Wednesday afternoon, pulling the index higher. Shares of Reliance Industries traded at ₹1,352 apiece on the NSE at 2:30 pm.

The sharp rise in the index in the closing hour indicates buying at lower levels, which has remained the trend for past few trading session. The broader indices on the other hand has recouped all the intraday losses and jumped over 0.5% on NIFTY Midcap 100 index. Where as NIFTY Smallcap 100 index remained flat-to-positive with 0.06% gains on Wednesday afternoon.

Market bouancy was also triggered by 2% fall in crude oil prices in the afternoon as investors remain optimistic about US and Iran peace agreement, against the contrasting commentary.

On the sectoral front, NIFTY Oil & Gas (+1.6%), NIFTY Auto (+0.8%) were the top two gainers and NIFTY Media (-1.4%) and NIFTY FMCG (-0.6%) were the top two losers for the inde