The Indian benchmark indices opened in green zone on Wednesday, amid reports of an imminent India-US trade deal and exit polls in Bihar predicting decisive majority for NDA.
As of 9.25 am, Sensex advanced 496 points, or 0.59 per cent at 84,367 and Nifty inched up 147 points, or 0.58 per cent to 25,842.
The broadcap indices performed in line with the benchmarks, with the Nifty Midcap 100 up 0.55 per cent and the Nifty Smallcap 100 adding 0.61 per cent.
Max Healthcare and Tech Mahindra were among the major gainers in the Nifty Pack, while losers included Maruti Suzuki and Trent.
All sectoral indices were trading in green except Nifty FMCG mixed with most of them trading with mild negative bias. Nifty IT and Nifty Oil and Gas were the standout gainers — up 1.26 per cent and 0.95 per cent.
“With reports of an imminent India-US trade deal and exit polls showing the NDA winning Bihar, sentiments have improved. This will strengthen bulls but not enough to give markets a decisive breakout and sustained rally,” said market watchers.
Based on current trends, FIIs may sell again at higher levels till the AI trade continues, they added.
From the fundamental perspective, there is room for optimism since GDP growth is robust and earnings growth for FY27 appears bright. Financials, consumption and defence stocks have the potential to lead the next leg of the rally.
Most of the Asia-Pacific markets rose in early trading sessions after Wall Street traded mixed on hopes that the US government shutdown could be nearing an end, even as AI stocks struggled.
The US markets ended mixed overnight, as Nasdaq slipped 0.3 per cent, the S&P 500 added 0.18 per cent, and the Dow inched up 1.2 per cent.
In Asian markets, China’s Shanghai index dipped 0.23 per cent, and Shenzhen dipped 1 per cent, Japan’s Nikkei dipped 0.21 per cent, while Hong Kong’s Hang Seng Index advanced 0.56 per cent. South Korea’s Kospi jumped 0.84 per cent.
On Monday, foreign institutional investors (FIIs) sold equities worth Rs 803 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 2,188 crore.
-IANS
