Gains in financial and consumer goods stocks led the markets higher
Domestic stock markets moved higher amid choppy trade on Wednesday, tracking cautious gains in Asian peers. The S&P BSE Sensex index rose as much as 1.19 per cent - or 360.27 points - to touch 30,556.44 in the first hour of trade, having started the session down 36.58 points at 30,159.59. The broader NSE Nifty 50 benchmark climbed to as high as 8,990.35, having started the session barely up at 8,889.15 compared to its previous close of 8,879.10. Gains in financial and consumer goods stocks led the markets higher.
At 9:58 am, the Sensex traded 316.31 points - or 1.05 per cent - higher at 30,512.48 while the Nifty was up 98.80 points - or 1.11 per cent - at 8,977.90.
Equities elsewhere in Asia traded listless following overnight declines in the US markets, after economic indicators pointed to more signs of recession. MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.07 per cent lower.
Japan's Nikkei 225 benchmark was up 0.74 per cent and South Korea's KOSPI index up 0.30 per cent at the time, whereas China's Shanghai Composite and Hong Kong's Hang Seng indices were down 0.36 per cent and 0.21 per cent respectively.
The E-Mini S&P 500 futures were up 0.53 per cent in early Asian trade, indicating a positive opening for the US markets on Wednesday.
On Tuesday, the S&P 500, the Dow Jones Industrial Average and Nasdaq Composite indices had ended down 1.05 per cent, 1.59 per cent and 0.54 per cent respectively.
Data showed US homebuilding dropped by the most on record last month, fuelling fears the coronavirus pandemic will lead to the deepest economic contraction in the second quarter since the Great Depression.
Back home, the Sensex had ended 167.19 points - or 0.56 per cent - higher at 30,196.17 on Tuesday, and the Nifty settled at 8,879.10, up 55.85 points - or 0.63 per cent - from the previous close.
