Sensex, Nifty Remain Firm As Financial Stocks Lead Gains

The benchmark indices gained almost one per cent in mid-morning trading on Wednesday, led by gains in financials as a generally improved global mood and hopes over the reopening of its economy outweighed concerns over the surging numbers of COVID-19 infections in the country. Domestic stock markets started Wednesday’s session on a positive note tracking gains in Asian equities. The S&P BSE Sensex index opened 72.45 points higher at 34,029.14, whereas the broader NSE Nifty 50 benchmark started the day at 10,072.60, up 25.95 points. At 11:24 am, the Sensex traded 147.95 points – or 0.45 per cent – higher at 34,109.64, while the Nifty was up 39.50 points – or 0.40 per cent – at 10,099.15.

The number of coronavirus cases continues to rise – jumping to 276,500 as of Wednesday morning, including 7,745 deaths, as the country has st

Petrol and diesel prices were hiked for a third straight day in metros on Wednesday, as state-owned oil marketing companies reverted to the normal practice of daily price revisions after a gap of 83 days. The prices of petrol have been hiked by 40 paise/litre and diesel has been increased by 45 paise.

Meanwhile, oil prices fell on Wednesday as an industry report showed a rise in crude and fuel inventories in the United States, renewing concerns about oversupply and slumping fuel demand in the world’s largest crude consumer.

Brent crude futures fell 57 cents, or 1.4 per cent, at $40.61 a barrel by 0055 GMT after gaining nearly 1 per cent on Tuesday.

The financials were witnessing buying interest, in line with the trend seen in recent times. IndusInd Bank, Kotak Mahindra Bank, HDFC and SBI had gained 1.2 per cent to 3.3 per cent each, on the BSE.

On the other hand, ONGC, Hero MotoCorp and Tata Steel had lost 1 per cent to 3 per cent each, on the BSE. 

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