Mumbai: The Indian benchmark indices opened in the green zone on Wednesday, with predictions of an impending India-US trade agreement and exit polls in Bihar indicating a decisive majority for the NDA.
As of 9.25 am, Sensex advanced 496 points, or 0.59 per cent at 84,367 and Nifty inched up 147 points, or 0.58 per cent to 25,842.
The broadcap indexes tracked the benchmarks, with the Nifty Midcap 100 up 0.55 percent and the Nifty Smallcap 100 up 0.61 percent.
Max Healthcare and Tech Mahindra were among the Nifty Pack’s top gainers, while Maruti Suzuki and Trent fell.
Except for the Nifty FMCG, all sectoral indexes were trading in the green, with the majority having a slight negative tilt. The major gainers were Nifty IT and Nifty Oil and Gas, which rose 1.26 percent and 0.95 percent respectively.
“With reports of an imminent India-US trade deal and exit polls showing the NDA winning Bihar, sentiments have improved. This will strengthen bulls but not enough to give markets a decisive breakout and sustained rally,” said market watchers.
According to existing trends, FIIs may sell again at greater prices while the AI trade continues, they added.
From a basic standpoint, there is cause for optimism because GDP growth is strong and earnings growth for FY27 is promising. Financials, consumer, and defence companies have the potential to drive the next leg of the rise.
The majority of Asia-Pacific markets rose in early trading sessions as Wall Street traded mixed on hopes that the US government shutdown was nearing a conclusion, despite AI stocks struggling.
The US markets closed split overnight, with the Nasdaq down 0.3 percent, the S&P 500 up 0.18 percent, and the Dow up 1.2 percent.
In Asian markets, China’s Shanghai and Shenzhen indexes fell 0.23% and 1%, respectively, while Japan’s Nikkei fell 0.21% and Hong Kong’s Hang Seng Index rose 0.56%. South Korea’s Kospi rose 0.84 percent.
On Monday, foreign institutional investors (FIIs) sold equities worth Rs 803 crore, while domestic institutional investors (DIIs) were net purchases of Rs 2,188 crore.
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Photo: Nitin Lawate/IANS
–IANS
