Buying across sectors, led by banking stocks, pushed the markets higher
Domestic stock markets started Wednesday's session on a positive note tracking gains in global equities, amid hopes of another stimulus package in the US to support the world's largest economy against the coronavirus pandemic. The S&P BSE Sensex index climbed up as much as 0.88 per cent - or 330.25 points - to touch 38,022.80 in the first few minutes of trade, having begun the day up 204.45 points at 37,892.36. The broader NSE Nifty 50 benchmark rose to as high as 11,189.10, up 93.85 points - or 0.85 per cent - from its previous close.
At 9:23 am, the Sensex traded 304.79 points - or 0.81 per cent - higher at 37,992.70, and the Nifty was up 86.40 points - or 0.78 per cent - at 11,181.65.
Hindalco, Axis bank, Tata Steel, IndusInd Bank and Tata Motors, trading between 1.84 per cent and 2.93 per cent higher, rose the most among the 45 top percentage gainers in the 50-scrip Nifty basket.
On the other hand, Power Grid and Zee Entertainment, down 1.07 per cent and 0.42 per cent respectively, were the top Nifty losers.
Reliance Industries (up 1.91 per cent), Axis Bank (2.59 per cent) and ICICI Bank (0.93 per cent) were the biggest boosts to the Sensex, contributing more than 150 points to the gain in the index.
Analysts awaited the outcome of the Reserve Bank of India's three-day policy review due on Thursday for near-term cues.
Share markets elsewhere in Asia moved higher following overnight gains in the US, with MSCI's broadest index of Asia Pacific stocks outside Japan last seen trading 0.70 per cent higher.
While Japan's Nikkei 225 index traded 0.16 per cent lower at the time, China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's KOSPI barometers were up 0.29 per cent, 0.62 per cent and 1.05 per cent respectively.
The E-Mini S&P 500 futures were up 0.05 per cent, indicating a flat to positive start for Wall Street on Wednesday.
White House negotiators late on Tuesday vowed to work "around the clock" to reach a spending deal by the end of the week, but the Treasury Secretary warned they were not "going anywhere close" to the $3.4-trillion Democratic leaders sought.
US lawmakers missed a deadline last week to extend the $600 per week enhanced unemployment payments. The payments are key element of the Democrats' proposal, but Senate Republicans have proposed to significantly slash the benefits.
