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At 10:25 am , the Sensex was up 220 point at 25,736 and the Nifty gained 62 points at 7,696.
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(Updated at 1025 hrs)
Markets opened at record high levels, boosted by positive global cues. The 30-share S&P BSE Sensex jumped 208 points and the 50-share Nifty surged 58 points to 25,723 and 7,692 levels, respectively.
Sesa Sterlite, DLF, NMDC, Sun Pharma, Lupin and Bank of Baroda are some of the top Nifty gainers in early deals. However, Tata Motors, HCL Technologies, Mahindra & Mahindra and HUL are some of the losers in the Nifty-50.
Asian stocks scored a three-year peak on Wednesday after a round of upbeat global economic data whetted risk appetites and helped Wall Street taste all-time highs. The Dow and S&P 500 had both scored record closing highs on Tuesday, as did the MSCI world equity index. The Dow gained 0.77% and the S&P 500 0.67%, while the Nasdaq put on 1.14%.
Back home, all indices were trading in green on Wednesday with the S&P BSE Realty index leading the market rally with a gain of 1.3%. BSE Metal, Capital goods and Power indices are also trading up between 0.9 – 1.2% each.
In the metal pack, Hindalco continued its up move with a gain of 2%. Sesa Sterlite and Tata Steel surged between 1-1.6% each. S&P BSE IT index was up 0.3% with Infosys, TCS and Wipro up 0.4% each.
Among financials, HDFC Bank, HDFC, Axis Bank, SBI and ICICI Bank rose between 0.8 – 1.3% each. Points out a technical analyst with Angel Broking: “Yesterday, the banking index too opened slightly higher in line with the benchmark index and then remained subdued for the rest if the session. In the process, index didn’t manage to surpass mentioned resistance level of 15350 on a closing basis.”
“Since, the overall movement was very small, we are not seeing any major change in the chart structure. Hence, we maintain our view that only a sustainable move beyond 15350 would push the index towards 15500 – 15600 levels. On the flipside, if the index manages to stay below 15200 mark then there is a possibility of re-testing 15058 – 15000 levels,” he adds.
Gains were also visible in capital goods stocks like L&T and BHEL. However, the S&P BSE Auto index which surged on Tuesday given the positive monthly auto sales numbers witnessed losses on account of profit booking. Tata Motors, M&M and Maruti Suzuki are trading in negative turf.
The broader markets were in-line with their large counterparts. BSE Mid-cap and Small-cap indices were up 0.7% and 0.9%, respectively. The market breadth was strong with 1,249 advances and 331 declines on the BSE.
