The benchmark Sensex of the Indian equity markets opened almost 120 points higher on Wednesday following Asian peers which rebounded from recent losses on bargain hunting by investors. The Nifty50 of the National Stock Exchange (NSE) too surged over 40 points or 0.38 per cent during early trade. Out of 982 trading companies on the BSE, 654 scrips advanced while 284 declined, indicating a bullish trend in the market.
The BSE Sensex rose by 130.41 points to an intra-day high of 35,417.15 points, while the NSE Nifty50 edged higher by 43.55 points to hit a high of 10,754 points during the early morning trade session. All the sectoral indices of the BSE traded with gains. The S&P BSE healthcare index shot up by 151.53 points, followed by the auto index by 130.41 points, banking index by 102.59 points and consumer durables by 74.83 points.
Shares of Mahindra and Mahindra, Axis Bank, Vedanta Ltd, Bharti Airtel, Baja Auto, Tata Steel Maruti Suzuki, Yes Bank and Infosys traded higher within the range of 0.50 per cent to over 1 per cent. The benchmark Sensex index had lost about 452 points in the last 4 days from a level of 35,739.16 as on 13 June 2018.
On Wednesday, Asian stocks rebounded from recent losses as investors sought bargains, a day after the spectre of a U.S.-China trade war drove down bond yields, and share and commodity prices, Reuters reported. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, Japan’s Nikkei gained 0.2 per cent, South Korea’s KOSPI rose 0.7 per cent, and Australian stocks were 0.8 per cent higher.