The overnight record closing of Nasdaq and S&P 500 on Wall Street uplifted the domestic market sentiments which led to cheer on Dalal Street, following which, India’s stock market extended gains to open little higher on Wednesday with Sensex and Nifty inching up by 0.3% each while most of the mid-cap stocks outperformed in the early session. BSE Sensex rose 186.11 points to hit the day’s high at 33,998.37 and NSE Nifty added 61.4 points to mark the day’s high at 10,503.6. The broad market indices of National Stock Exchange such as Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, Nifty Midcap 50, Nifty Mid100 Free and Nifty Sml100 Free advanced in a range of 0.4% to 1.1% with the small-cap index leading the charge.
Shares of Adani Ports, ICICI Bank, Reliance Industries, Bharti Airtel, State Bank of India, Yes Bank, Hindustan Unilever, Tata Steel were the major gainers among the Sensex stocks while Dr Reddy’s, Infosys, ONGC, Asian Paints, HDFC Bank, Tata Motors slipped up to 2%. The heavyweight stocks of RIL, ITC, ICICI Bank, TCS, SBI, L&T contributed the most to the Sensex gains. Collectively these six stocks added about 120 points while a slump in HDFC Bank, Dr Reddy’s, Infosys washed off 25 points out of the index. The benchmark Sensex opened at 33,929.61 up by 117.35 points whereas the broader Nifty index gained 40.45 points to start at 10,482.65.
Meanwhile, The Indian rupee reversed the four-day rising trend on Wednesday but was still trading at a 28-month high against the US dollar. The rupee opened down by almost 10 paise at 63.58 against the US dollar on Wednesday but very quickly pared off some of the losses and was trading at a 28-month high. The domestic currency rupee made a top of 63.50 apiece US dollar on Wednesday. The Rupee was trading down 2 paise at 63.50 vs the US dollar in the wee hours of trading at the interbank foreign exchange market on Wednesday. Earlier yesterday, the rupee added as much as 20 paise against US dollar to close at 63.48 — almost a two-and-half-year high. The Reserve Bank of India fixed the reference rate of the rupee at 63.6728 against the US dollar on Tuesday.
US stocks rose on Tuesday in the first session of the new year, pushing the Nasdaq to close above 7,000 for the first time, as investors were optimistic that 2018 will bring more gains for the market, Reuters said in a report. The S&P 500 also ended at a record high. Apple, Facebook, Alphabet and Microsoft pulled the technology index up 1.4%, following a 37% surge in 2017 that made it the best-performing S&P sector. The Dow Jones Industrial Average rose 104.79 points or 0.42% to 24,824.01, the S&P 500 gained 22.18 points or 0.83% to 2,695.79 and the Nasdaq Composite added 103.51 points or 1.5% to 7,006.9.