Mumbai: The benchmark index ended with moderate gains in a volatile session, with gains in infrastructure stocks offsetting weakness in banking and oil & gas stocks. The Sensex advanced 98 points to close at 14,422, after trading between 14,479 and 14,207.
Global cues were positive with Asian stock markets rebounding moderately on Wednesday as investors awaited the outcome of the US Federal Reserve meeting later in the day. European markets were slightly higher.
On the NSE, the Nifty closed 45 points higher at 4,292. But midcaps and smallcaps stole the show today with both the CNX midcap and BSE smallcap indices up over 2 per cent. The overall market breadth on the BSE was positive, with gainers outnumbering losers by 1799 to 793.
Ahead of the expiry of derivatives tomorrow, the Indian markets were volatile with markets trending up in the later half of the session. "Rollovers might be lower during this series. There are not enough shorts in the system and bulls who held long positions are not comfortable rolling their positions, said Siddarth Bhamre of Angel Broking.
"There is a change of hands happening in the markets. Domestic institutions are buying while FIIs are selling," he said.
There was a lot of stock-specific action today. Jindal Stainless was up 17 per cent on reports that the company is planning to revamp its debt. Educomp was up 11 per cent on announcement that Pearson will pick up a stake in one of its unit. Wind turbine maker Suzlon gained 9 per cent on reports that it is in talks for with stake sale in one of its arms.
Infra stocks were led by 6 per cent gains in JP Asso, which was also the biggest gainer among Sensex stocks. Other frontline stocks Rel Infra and ACC gained close to 3 per cent. IVRCL, Gammon India and Punj Lloyd also gained 5-7 per cent.
Banking stocks weighted on the Sensex with HDFC Bank, down 2 per cent, the biggest loser among the 30-stock index. ICICI Bank and HDFC were down over 1 per cent. Sensex heavyweight RIL saw some profit taking today after yesterday's gains to end 0.8 per cent lower. (With AP inputs)