India’s benchmark equity indices opened higher on Wednesday, tracking positive global cues and buoyed by strong buying in information technology (IT) and automobile stocks.

At 9:32 a.m., the BSE Sensex was trading 536.4 points, or 0.67 percent, higher at 80,132.01. Meanwhile, the NSE Nifty gained 150.10 points, or 0.62 percent, to trade at 24,317.35.

The broader market also reflected a positive trend. Nifty Bank rose 187.10 points, or 0.34 percent, to 55,834.30. The Nifty Midcap 100 was up 359.70 points, or 0.66 percent, at 54,756.85, while the Nifty Smallcap 100 advanced 109.55 points, or 0.71 percent, to 17,013.20.

Market sentiment was supported by gains across Asian equities after U.S. President Donald Trump said he had no intention of replacing the Federal Reserve Chair and hinted at potential tariff relief for China.

Wall Street also extended gains overnight, with S&P 500 futures rising 1.8 percent and Nasdaq futures climbing 2.0 percent. Optimism was bolstered by encouraging corporate earnings, with Tesla shares rebounding 5 percent after hours despite missing estimates.

In the Sensex basket, HCL Technologies, Tech Mahindra, Infosys, IndusInd Bank, TCS, and Tata Motors led the gainers. On the other hand, Kotak Mahindra Bank and Asian Paints were among the top laggards.

Technical indicators continue to favor the bulls. According to Prashanth Tapse, Senior Vice President (Research) at Mehta Equities, “The Nifty remains technically strong above its 200-day moving average at 24,051. The next target is 24,858, with key support at 24,000 and the 100-DMA at 23,397. India could benefit from shifting global trade dynamics amid U.S.-China tensions.”

Elsewhere in Asia, key markets including Jakarta, Seoul, Tokyo, Hong Kong, Bangkok, and mainland China were all trading in the green.

(With inputs from IANS)