The S&P BSE Sensex rose 177 points or 0.29% to 61,939, while the Nifty 50 index surged 48 points or 0.26% to 18,314, as of 9.26 am.
From the Sensex pack, IndusInd Bank, Tata Motors, and Power Grid were the top gainers, rising over 1% each. HCL Tech, Reliance, UltraTech Cement, ICICI Bank and L&T also opened higher. Whereas, SBI, Tata Steel, HDFC, Titan and Airtel opened with cuts.
Shares of Mankind Pharma declined over 4% after the next day of listing the shares on exchanges. Whereas, RVNL shares opened with a 5% lower circuit in Wednesday's trade.
On the sectoral front, Nifty PSU Bank declined 1.90% and Nifty Metal dropped 0.28%. Whereas, auto, FMCG, media, pharma, realty, and healthcare sectors opened with gains. In the broader market, Nifty Midcap 100 fell 0.18%, and Nifty Smallcap 100 opened flat.
Experts View
"More important from the market perspective will be the CPI data from the US expected today. If the disinflation trend continues that would be a shot in the arm for equity markets globally," Vijayakumar added.
Ameya Ranadive, Equity Research Analyst at Choice Broking, said, "Presently, higher levels are exerting selling pressure on the Nifty. We can see a rally until 18500–18550 levels once it maintains the 18300 level. On the daily chart, the Nifty established a bearish pattern, which would be troubling in the short term."
Global Markets
Wall Street stocks retreated Tuesday ahead of key US inflation data as markets awaited talks between President Biden and Republican leaders on a high-stakes impasse over fiscal issues. The S&P 500 fell 0.5% Tuesday, and the Dow Jones Industrial Average lost 0.2%. The Nasdaq fell 0.6%.
Biden will be meeting with House Republican leader Kevin McCarthy to try to reach agreement on lifting the national debt ceiling, a disagreement that has raised worries about a US default.
Stocks extended losses in Asia on Wednesday as traders awaited the release of US inflation data, with sentiment clouded by a range of issues including the debt ceiling standoff in Washington and banking sector uncertainty. Nikkei 225 fell 0.53%, while Shanghai Composite declined 1.4% and Kospi fell 0.2%
Crude Oil
Oil prices slipped in early trade after industry data showed a surprise build in US crude stocks, while investors awaited US inflation data for April that could give direction for the Federal Reserve's next rate decision.
Brent crude futures were down 52 cents at $76.92 a barrel. US West Texas Intermediate (WTI) crude futures were down 49 cents at $73.22.
Rupee Strengthens
The Indian rupee rose 5 paise to $82.01 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.05% to 101.55 level.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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