Sensex, Nifty End Tad Higher Led By Metal Stocks; IT Stocks Decline
(RTTNews) - Indian shares edged up slightly on Wednesday despite mixed cues from global markets amid optimism surrounding a potential Russia-Ukraine truce and ahead of the Federal Reserve policy decision.
Metal stocks surged after the government recommended a temporary tax on certain steel imports.
However, the gains were offset by a decline in IT stocks due to valuation concerns and fears of a potential U.S. recession.
The benchmark S&P/BSE Sensex moved in a narrow range before ending the session up 147.79 points, or 0.20 percent, at 75,449.05.
The broader NSE Nifty index edged up by 73.30 points, or 0.32 percent, to 22,907.60 while the BSE mid-cap and small-cap indexes surged over 2 percent each.
The market breadth was positive on the BSE, with 3,012 shares rising while 1,038 shares declined and 116 shares ended unchanged.
Tata Steel rallied 2.5 percent, SAIL jumped nearly 4 percent and JSW Steel added 1.3 percent as the government proposed a 12 percent safeguard duty on specific steel imports for 200 days.
Among other prominent gainers, Power Grid Corp, Apollo Hospitals Enterprise, HDFC Life and Shriram Finance climbed 2-4 percent.
Tech Mahindra led losses to close 2.3 percent lower, while Sun Pharma, Infosys, TCS and ITC all fell around 1 percent.
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