Indian headline equity indices Sensex and Nifty50 opened higher on Wednesday, rebounding from a 1% drop in the previous session, led by gains in banking, auto, and IT stocks. However, concerns over foreign fund outflows may limit further upside.
At around 9:22 am, the BSE Sensex was up 224 points, or 0.28%, at 81,410, while the Nifty50 rose 48 points, or 0.20%, to trade at 24,732.
From the Sensex pack, Sun Pharma, Maruti Suzuki, HDFC Bank, HUL, Tata Motors, ICICI Bank, and Tech Mahindra were among the top gainers, rising up to 1.5%. On the other hand, Eternal, IndusInd Bank, Adani Ports, Kotak Bank, NTPC opened with cuts.
Among individual stocks, Ircon International rose 3% after announcing it had secured a Rs 253.6 crore contract from South Western Railway to implement KAVACH, an indigenous train collision avoidance system.
Shares of United Breweries Ltd (UBL) jumped 2.3% after the company entered a leasing agreement with Ilios Breweries Pvt. Ltd. to expand its manufacturing capacity in Andhra Pradesh.
On the sectoral front, Nifty Auto, Bank, FMCG, Pharma, and Realty indices opened up to 1.5% higher, while Consumer Durables and Oil & Gas slipped up to 0.7%.
Meanwhile, the Nifty50 and BSE Sensex slipped on Tuesday as foreign portfolio investors offloaded shares worth Rs 10,016 crore ($1.2 billion), according to provisional data — the largest single-day outflow since February 28.
The selloff was likely triggered by rising bond yields in the United States and Japan, along with the stretched valuations of Indian equities.
U.S. bond yields edged higher overnight on concerns that a tax-cut bill being debated in Congress will worsen the budget deficit, while long-dated Japanese government bond yields eased after hitting record highs on Tuesday amid concerns over funding for new fiscal stimulus.
At around 9:22 am, the BSE Sensex was up 224 points, or 0.28%, at 81,410, while the Nifty50 rose 48 points, or 0.20%, to trade at 24,732.
From the Sensex pack, Sun Pharma, Maruti Suzuki, HDFC Bank, HUL, Tata Motors, ICICI Bank, and Tech Mahindra were among the top gainers, rising up to 1.5%. On the other hand, Eternal, IndusInd Bank, Adani Ports, Kotak Bank, NTPC opened with cuts.
Among individual stocks, Ircon International rose 3% after announcing it had secured a Rs 253.6 crore contract from South Western Railway to implement KAVACH, an indigenous train collision avoidance system.
Shares of United Breweries Ltd (UBL) jumped 2.3% after the company entered a leasing agreement with Ilios Breweries Pvt. Ltd. to expand its manufacturing capacity in Andhra Pradesh.
On the sectoral front, Nifty Auto, Bank, FMCG, Pharma, and Realty indices opened up to 1.5% higher, while Consumer Durables and Oil & Gas slipped up to 0.7%.
Meanwhile, the Nifty50 and BSE Sensex slipped on Tuesday as foreign portfolio investors offloaded shares worth Rs 10,016 crore ($1.2 billion), according to provisional data — the largest single-day outflow since February 28.
The selloff was likely triggered by rising bond yields in the United States and Japan, along with the stretched valuations of Indian equities.
U.S. bond yields edged higher overnight on concerns that a tax-cut bill being debated in Congress will worsen the budget deficit, while long-dated Japanese government bond yields eased after hitting record highs on Tuesday amid concerns over funding for new fiscal stimulus.
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