Sensex Climbs 273 Points, Nifty Trades Above 17,400 Tracking Global Cues

Tata Steel, HDFC Bank, Axis Bank, Ultratech Cement, SBI, M&M, Bajaj twins, IndusInd Bank, and ICICI Bank were the frontrunners, with gains of up to 2 per cent on the BSE

New Delhi: The key equity benchmarks, Sensex and Nifty, on Wednesday opened trade on a positive note extending gains amid across global markets.

At 9.50 am, the 30-share BSE platform climbed 273 points to 58,262, while the NSE Nifty was at 17,401, up 85 points.

On the BSE, Tata Steel, HDFC Bank, Axis Bank, Ultratech Cement, SBI, M&M, Bajaj twins, IndusInd Bank, and ICICI Bank were the frontrunners, with gains of up to 2 per cent. Hindalco, Dr Reddy's, SBI Life were the additional top gainers on the Nifty.

On the flipside, Bharti Airtel, Asian Paints, Maruti, and HDFC were the losers. Coal India, Britannia, and BPCL were the top Nifty losers.

Meanwhile, the broader markets were also trading in the green, with the BSE Midcap and Smallcap indices advancing up to 0.8 per cent.

All the 15 sector gauges, compiled by the National Stock Exchange, were trading in the green. Nifty Bank and Nifty Financial Services were outperforming the index by rising as much as 1.13 per cent and 0.93 per cent, respectively.

Among individual stocks, RailTel was up about 3 per cent on the BSE. The company has received work order from Rail Vikas Nigam for installation of its MPLS-VPN services for 5 years at various locations of Rail Vikas, for an amount of Rs. 11.57 crore.

The overall stock market breadth stood positive as 1,951 shares were advancing, while 649 were declining on the BSE.

During previous trading on Tuesday, Sensex had jumped 697 points (1.22 per cent) to close at 57,989, while Nifty had moved 198 points (1.16 per cent) higher to settle at 17,316.

Meanwhile, Asian equities hit three-week highs as cash fleeing tumbling bond markets flowed back toward big tech and other beaten-up sectors, while the ongoing Russia-Ukraine conflict kept oil and commodity prices high. 

Equity exchanges in Seoul, Hong Kong and Tokyo were trading higher in mid-session deals, while Shanghai quoted marginally lower.

Stock exchanges in the US ended largely higher in the overnight session. Overnight, S&P 500 climbed 1.1 per cent and Nasdaq moved nearly 2 per cent up.

Meanwhile, international oil benchmark Brent crude jumped 1.57 per cent to $117.3 per barrel.

Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs 384.48 crore on Tuesday, according to stock exchange data.