Sensex surges over 400 points while Nifty above 17,380 in early trade

The Sensex jumped more than 400 points in the morning session on Wednesday, led by advances in IT and financial equities, amid a strong trend in global markets.

In early trade, the BSE index was 413.19 points, or 0.71%, higher at 58,221.77. Similarly, the Nifty rose 118 points, or 0.68%, to 17,384.75.

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Tech Mahindra led the Sensex pack with a 2.13% increase, followed by Wipro, HCL Tech, Titan, Infosys, Bajaj Finserv, Maruti, and Bajaj Finance. On the other hand, Sun Pharma, Bharti Airtel, NTPC and Nestle India were the laggards.

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The broader indices were trading in green with the BSE Midcap index rising 0.59%, while the Small cap index was up by 0.49%. The top gaining sectoral indices on the BSE were Auto up by 1.15%, Consumer Durables up by 1.13%, IT up by 1.03%, Consumer discretionary up by 0.96%, Bankex up by 0.95%, while Utilities down by 0.23%, Power-down by 0.16%, Oil & Gas down by 0.08% were the few losing indices on BSE.

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The 30-share BSE Sensex closed 187.39 points, or 0.33% higher, at 57,808.58 in the previous session. Similarly, the NSE Nifty rose 53.15 points, or 0.31%, to 17,266.75.

“Stocks in Asia rose on Wednesday, and a selloff in sovereign bonds paused, bringing some relief for markets from the concerns about tightening monetary policy that has whipsawed assets this year,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.

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In other Asian markets, bourses in Tokyo, Hong Kong, Shanghai, and Seoul were trading higher in mid-session trades. In the overnight session, stock markets in the United States concluded with gains.

According to stock exchange statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Tuesday, selling shares worth Rs 1,967.89 crore.

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Meanwhile, Brent crude, the international oil benchmark, increased 0.20% to USD 90.96 per barrel. Rupee rises 6 paise to 74.68 against US dollar in early trade.