Sensex Rises Over 250 Points, Nifty Trades Above 17,000
Indian equity benchmarks on Wednesday traded higher in opening deals led by gains in automobile, information technology (IT) and consumer goods stocks.
Global stock markets were under pressure on worries about the fallout from China’s pandemic lockdowns.
Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a higher start for the domestic indices.
The 30-share BSE Sensex rose 285 points or 0.51 per cent to 56,749 in early trade, while the broader NSE Nifty moved 83 points or 0.49 per cent up to trade at 17,042.
Mid- and small-cap shares were positive as Nifty Midcap 100 gained 1.22 per cent and small-cap climbed 1.20 per cent.
10 out of the 15 sector gauges — compiled by the National Stock Exchange — were trading in the green. Nifty Auto, NIfty IT and and Nifty FMCG were outperforming the index by rising as much as 2.22 per cent, 1.24 per cent and 1.14 per cent, respectively.
On the stock-specific front, Eicher Motors was the top gainer as the stock surged 4.63 per cent to ₹ 2,568.45. Tata Motors, Reliance Industries, Maruti and Coal India were also among the gainers.
The overall market breadth stood strong as 1,932 shares were advancing while 654 were declining on BSE.
On the 30-share BSE index, Reliance, Maruti, Asian Paints, Wipro, ITC, TCS, M&M, Nestle India, Dr Reddy’s and Bharti Airtel were among the top gainers.
In contrast, Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank, L&T, PowerGrid and ICICI Bank were trading in the red.