Markets Open Firm In Opening Session, Bajaj Finance, ICICI Bank Supports The Rally

Stocks such as Bajaj Finance and ICICI Bank surged 4 per cent led the gains followed by Britannia Industries which rose 6 per cent.

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New Delhi: Markets open on a firm note on Wednesday, in tandem with Asian peers as banks, autos, and metal stocks supported the rally with 30-stock benchmark Sensex has crossed the 34,000-mark jumped 500 points or 1.5 per cent to touch 34,326 at 09:19 AM, while the broader Nifty 50 index soared 1.60 per cent. The broader Nifty index reclaimed its psychological level of 10,000 for the first time since March 13 and was hovering around 10,090-mark. Stocks such as Bajaj Finance and ICICI Bank surged 4 per cent led the gains followed by Britannia Industries soared 6 per cent after its consolidated net profit in the quarter rose 26.5 per cent year-on-year to Rs 372.35 crore supported by a lower tax outgo. InterGlobe Aviation, which owns and operates IndiGo, also jumped 6 per cent even as the company reported a loss of ₹870.8 crore in the January-March versus a profit of ₹595.8 crore in same period last fiscal. Among the laggards was NTPC which rose 0.1 per cent. The Nifty sectoral indices were in the positive, led by Nifty Bank index which surged 3 per cent. Meanwhile, Asian shares also inched higher in early trade in sync with the global markets as the economic activities resume worldwide with businesses opening up which bolstered the sentiments while concerns over coronavirus outbreak including Hong Kong issue and the US civil unrest. US stocks ended higher, as Wall Street weighed the possibility of normalizing economic activities amid civil unrest. On Tuesday, the Dow Jones Industrial Average rose 267.63 points, or 1.05 per cent, to 25,742.65. The S&P 500 was up 25.09 points, or 0.82 per cent, to 3,080.82. The Nasdaq Composite Index increased 56.33 points, or 0.59 per cent, to 9,608.37, Xinhua news agency reported. All the 11 primary S&P 500 sectors rallied, with energy and materials up 2.65 per cent and 1.76 per cent, respectively, outpacing the rest. Oil prices climbed more than 3 per cent, or $1 a barrel, on Tuesday on renewed US demand for gasoline and expectations that major oil producing countries will extend output cuts. US West Texas Intermediate crude (WTI) CLc1 settled at $36.81 and Brent crude LCOc1 settled at $39.57 a barrel. (With inputs from IANS)