Sensex Rises Over 200 Points, Nifty Hits 10,100; Financial, Pharma Stocks Lead Gains

Gains in financial, pharmaceutical and consumer goods stocks pushed the markets higher

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 from its previous close. Gains in financial, pharmaceutical and consumer goods stocks pushed the markets higher, however losses in automobile and metal counters limited the upside.

At 9:24 am, the Sensex traded 153.95 points – or 0.45 per cent – higher at 34,110.64 while the Nifty was up 52.50 points – or 0.52 per cent – at 10,099.15.

In the 50-scrip Nifty index, 36 stocks moved higher at the time. Top percentage gainers were Bharti Infratel, Shree Cement, HDFC, Tech Mahindra, Grasim and Asian Paints, trading between 1.28 per cent and 2.70 per cent higher. 

On the other hand, Tata Steel, Tata Motors, GAIL, JSW Steel and Hero MotoCorp, down between 1.15 per cent and 1.46 per cent each, were the top Nifty losers. 

HDFC, Reliance Industries and HDFC Bank were the biggest contributors to the gain in Sensex, together pushing the index more than 100 points higher.

Equities elsewhere in Asia recovered early losses to move higher. MSCI’s broadest index of Asia Pacific shares outside Japan was last seen trading 0.24 per cent higher, while Japan’s Nikkei 225 benchmark was u 0.10 per cent.

While Hong Kong’s Hang Seng and South Korea’s KOSPI indices were up 0.16 per cent and 0.33 per cent respectively, China’s Shanghai Composite bucked the trend with a 0.51 per cent decline.

Overnight in the US, the S&P 500 and Dow Jones Industrial Average indices fell, pausing after recent strong gains as focus shifted to the Federal Reserve. However, the Nasdaq Composite ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time.

On Tuesday, the Sensex had ended 413.89 points – or 1.20 per cent – lower at 33,956.69, and the Nifty settled at 10,046.65, down 120.80 points – or 1.19 per cent – from its previous close, snapping a two-day winning run.

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