MARKETS LIVE: Sensex up 150 points, Nifty above 10,850; Sun Pharma gains 4%

Benchmark indices opened higher on Wednesday following Asian stocks that rose to a more than four-month high, lifted by optimism that the US and China might be able to hammer out a deal to resolve their trade dispute.

Shares of Sun Pharma gained 4 per cent in the early trade as the company on Tuesday posted a fourfold jump in its net profit for December quarter at Rs 1,241.85 crore from Rs 321.57 crore in the corresponding quarter last fiscal year.

In the broader market, S&P BSE MidCap index was trading 60 points, or 0.42 per cent higher at 14,168, while S&P BSE SmallCap index was ruling at 13,443, 50 points or 0.38 per cent higher in early trade.

The rupee on Wednesday opened 22 paise higher at 70.48 against the US dollar. The domestic unit on Tuesday strengthened by 48 paise to close at one-month high of 70.70 against the greenback. It was the sixth straight session of gains for the currency.

RESULTS TODAY

Over 525 companies are scheduled to release their December quarter earnings later in the day. Some of the prominent names include Fortis Healthcare, Lemon Tree Hotels, NBCC, Oracle Financial Services, Quick Heal Technologies and Bharat Forge. 

GLOBAL MARKETS

Stocks in Asia rose in early trade. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent while South Korea’s KOSPI gained 0.5 per cent and Japan’s Nikkei climbed 1 per cent. In the overnight trade, US stocks ended with sharp gains where both the Dow and Nasdaq rallied 1 per cent each. 

OIL MARKET

Oil prices rose by around 1 per cent on Wednesday as producer club OPEC said it had deeply cut supply in January and as US sanctions hit Venezuela’s oil exports.

(with Reuters input)