Indian stock markets opened higher on Wednesday as sentiments of market participants seemed to have regained optimism tracking positive cues from Wall Street gains yesterday.
Indian stock markets opened higher on Wednesday as sentiments of market participants seemed to have regained optimism tracking positive cues from Wall Street gains yesterday. Meanwhile, Asian stocks were little changed and were unable to keep up with a global rally spurred by gains for US tech shares. BSE Sensex gained 115 points to open at 31,407.47 points while NSE Nifty added 37 points to open at 9,803.05 points.
Shares of HDFC Bank, HDFC, ICICI Bank, ITC and Adani Ports were the major contributors in uplifting the benchmark Sensex, collectively these stocks added 60 points in the index up surge of over 100 points. The stocks of heavyweight companies such as Adani Ports (up 2.15%), Dr Reddy’s (up 1.25%), Bharti Airtel (up 1.25%), NTPC (up 0.87%), Lupin (up 0.82%) were the lead gainers on the 30-share barometer.
Shares of the second-largest information technology company Infosys were little changed, up 0.14% at Rs 878.4 after Vishal Sikka stepped down from CEO on Friday last week in a shocking move which led to major erosion in the market cap of the company.
Shares of real estate major DLF jumped as much as 4.76% to the day’s high of Rs 183.65 while Unitech gained 3.5% to the day’s high of Rs 7.4 Most of the sectoral indices of NSE including Nifty Bank, Auto, Fin Service, FMCG, IT, Metal, Pharma, PSU Bank, Private Bank, Realty were trading up with gains up to 1.45% while Nifty Media was trading in red.
US stocks ended up on Tuesday, with each of the three major indexes posting their best one-day percentage gains in over a week, as lawmakers’ comments on tax reform and the debt ceiling boosted investor optimism. The Dow Jones Industrial Average rose 196.14 points to 21,899.89, the S&P 500 gained 24.14 points to 2,452.51 and the Nasdaq Composite added 84.35 points to 6,297.48.