Indian equity indices ended on strong note on March 5, breaking 10 consecutive session losing streak.
Sensex ended 740.30 points higher at 73,730.23, whereas Nifty concluded 254.65 points up at 22,337.30.
Adani Ports, Power Grid, M&M, Tata Steel, Adani Enterprises were among major gainers on the Nifty, while losers were Bajaj Finance, HDFC Bank, Grasim Industries, IndusInd Bank and Shriram Finance.
In the previous season, Sensex ended 96.01 points lower at 72,989.93, whereas Nifty concluded 36.65 points down at 22,082.65.
Indian rupee closed 31 paise higher at 86.96 per dollar on Wednesday versus Tuesday’s close of 87.27.
According to the market analysts, this rally could be a relief rally, as the Indian market is rebounding after 19 consecutive sessions in the red. During this period, there was a significant buildup of short positions, particularly by Foreign Institutional Investors (FIIs), who may now be covering some of their positions after a prolonged downturn, as per the analysts.
