Market Update Equities are off their high points on the back of some selling in the non banking financial companies and some names in the pharmaceutical space.
The Sensex is up 255.10 points or 0.73% at 35417.58, while the Nifty is higher by 69.30 points or 0.65% at 10654.10. The market breadth is positive as 1,152 shares advanced, against a decline of 400 shares, while 1,965 shares were unchanged.
Automobile stocks have lost some sheen, while banks, consumption and IT space continue to rise higher. Midcaps have witnessed some selling as well.
Infosys gains 3% Shares of Infosys gained over 3 percent on Wednesday morning as investors cheered positive results from the firm along with a healthy order book. Here is a look at how the stock has performed so far today.
Market opens It is a strong start to the market on Wednesday morning on the back of strong global cues. The Nifty has opened above 10,700-mark, while the Sensex is trading higher by over 400 points.
There’s buying across all sectors, with maximum gains visible among banks, IT, and automobiles, among others. In the broader markets, the Nifty Midcap index is trading higher by over a percent as well.
Infosys’ shares have risen 3 percent on the back of good results and an order book as well.
Other top gainers include Yes Bank and Eicher Motors. Among top losers are ONGC and BPCL.
Rupee Opens: The Indian rupee opened at a two-week high of 73.41 per dollar on Wednesday versus previous close 73.46.
Yesterday the rupee gained 37 paise to close at 2-week high at 73.46 against Monday's close of 73.83 per dollar.
Market at pre-opening: There is strong start on the Dalal Street in the pre-opening trade with Nifty trading above 10,650 mark.
At 09:01 hrs IST, the Sensex is up 256.27 points or 0.73% at 35418.75, and the Nifty up 71.70 points or 0.68% at 10656.50.
Infosys is down 2 percent, while Hero Motocorp and South Indian Bank is trading firm.
Asian markets trade positive: Asian equities got some much needed relief on Wednesday after upbeat US earnings reports drove a rebound on Wall Street and helped restore a little confidence in emerging market stocks and currencies.
Japan's Nikkei leaped out of the gates with an early rise of 1.3 percent, but still has a long way to go to recoup the past week's losses, reported Reuters.
Havells to declare Q2 results: Company is scheduled to report its results for the quarter ended September on October 17, may see a marginal fall in net profit but revenues are expected to grow in double digits, according to Motilal Oswal estimates.
The domestic brokerage firm expect the net profit of Havells India to fall by 1 percent on a year-on-year basis to Rs 169.3 crore for the September quarter. But, sequentially, the net profit could see a dip of 22.7 percent, said the report.
Gold Update: Gold prices held steady on Wednesday despite a rise in equities, with investors waiting for minutes from the US Federal Reserve's latest policy meeting for any fresh clues on the pace of interest rate hikes.