Sensex zooms 305 points to 37,717.96; Adani Ports, ITC in top gainers list

Sensex managed to rebound 304.83 points to close at 37,717.96 during the closing hours of markets while the Nifty soared 83.40 points or 0.74% at 11370.90. However, market breadth is negative as 1,123 shares advanced, 1,503 shares declined while 200 shares were unchanged. 

Further, rupee continued to slide on Wednesday and touched a fresh low of 72.91 during the morning session which eroded the domestic investor sentiments.

The top gainers are Adani Ports, ITC and Power Grid, while Axis Bank and Tata Motors lost the most. The market, however, was supported by value buying after the indices had dropped significantly in the last two trading sessions.

Rupee recouped to 71.90 against the U.S. dollar, from a record low of 72.92 hit earlier in the session. Investors are also awaiting August retail inflation data later in the day.

Brent crude oil prices also eased to some extent after breaching the USD 79 a barrel mark. Buying activity picked up ahead of IIP and inflation data due later in the day as domestic investors accumulated recently-hammered stocks amid a higher opening in European markets.

However, most other Asian markets extended losses for the sixth straight session as investors fear an escalation in the China-US trade conflict.

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Meanwhile, domestic institutional investors (DIIs) bought shares worth Rs 749.62 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 1,454.36 crore on a net basis Tuesday, provisional data showed. 

Stock Exchanges will remain shut Thursday on account of 'Ganesh Chaturthi'.