At 10 AM, S&P BSE Sensex was trading 271 points or 0.66 per cent higher at 41,238 while broader Nifty 50 index was ruling at 12,144, up 88.60 points or 0.73 per cent
Domestic equity benchmarks Sensex and Nifty opened higher on Wednesday ahead of the Economic Survey and Union Budget. “The issue of Coronavirus will continue to dominate in terms of global cues while the outcome of the US fed meeting will also be an important factor. Sector-specific pre-budget moves and Q3 results related movement are likely to continue,” Santosh Meena, Senior Analyst, TradingBells said. At 10 AM, S&P BSE Sensex was trading 271 points or 0.66 per cent higher at 41,238 while broader Nifty 50 index was ruling at 12,144, up 88.60 points or 0.73 per cent. On the Sensex pack, Tata Steel, Bajaj Finance, Maruti and LT were top gainers. Conversely, TCS and Titan were the top laggards on the index.
“The markets are likely to remain volatile ahead of the Union Budget on Saturday where the market is expecting measures from the government to lift economic growth. Further, there is also the monthly F&O expiry this week just ahead of Budget which could add to the volatility. Heavyweights like SBI, HUL, Bajaj Finance, Bajaj Auto, Indian Oil among others would be announcing their results this week which would also keep markets busy,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Private Ltd said.
All the Nifty sectoral indices were trading in green. The Nifty Bank index was trading 216 points higher at 30,977.70 driven by gains in IDFC First Bank, Punjab National Bank, State Bank of India and ICICI Bank. NIfty Metal index was, too, trading higher led by gains in JSW Steel, Jindal Steel and Tata Steel. In the broader markets, S&P BSE MidCap index was trading 167 points or 1.06 per cent higher at 15,844. while S&P BSE SmallCap index was ruling at 14,898, up 76 points or 0.51 per cent.
On Wall Street, the Dow Jones Industrial Average index rose 186.3 points, or 0.65 per cent, to 28,722.1, the S&P500 index gained 32.6 points, or 1.01 per cent, to 3,276.23 and the Nasdaq Composite index added 130.37 points, or 1.43 per cent, to 9,269.68.