Stock Market: Sensex Rises Over 300 Points, Nifty Tops 17,550. HDFC Twins Lead

Stock update: HDFC, HDFC Bank, Power Grid, Larsen & Toubro, Titan, Axis Bank, Mahindra & Mahindra, NTPC, and UltraTech Cement were the prominent winners in early trade on the Sensex platform

Sensex and Nifty, the two key equity benchmarks, on Wednesday opened in the green amid mixed global cues. The domestic indices made a firm start rallying for the fourth day running, helped by buying in HDFC twins.

The BSE Sensex climbed 336 points to 59,297 in early trade, while the broader NSE Nifty advanced 88 points to 17,575.

On the 30-share Sensex platform, HDFC, HDFC Bank, Power Grid, Larsen & Toubro, Titan, Axis Bank, Mahindra & Mahindra, NTPC, and UltraTech Cement were the prominent winners in early trade. On the flip side, HCL Technologies, State Bank of India, Infosys, Sun Pharma, Bajaj Finserv were among the losers.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 advanced up to 0.3 per cent. Volatility gauge, India VIX, meanwhile, slipped over 1 per cent.

Sectorwise, Nifty FMCG, Nifty Realty, and Nifty Bank indices led the charge as they surged up to 0.4 per cent. However, Nifty IT, Nifty Pharma, and Nifty Metal indices declined in the range of 0.2-0.5 per cent.

The sentiment of the 30-share Sensex platform was positive as 19 scrips were advancing while 11 were declining.

In the previous session on Tuesday, the BSE benchmark jumped 549 points (0.94 per cent) to settle at 58,960, while the Nifty surged 175 points (1.01 per cent) to end at 17,486.

Among other Asian markets, Seoul and Tokyo traded in the green, while Shanghai and Hong Kong quoted lower. Wall Street ended higher on Tuesday.

There are two factors supporting the ongoing rally in the market - support from the mother market US aided by some excellent quarterly results and FII selling getting completely overwhelmed by DII (Domestic Institutional Investors) buying, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"Good Q2 results are imparting resilience in segments like IT and financials. The festive mood is another positive," Vijayakumar added.

International oil benchmark Brent crude was trading 0.59 per cent higher at $90.56 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 153.40 crore, as per exchange data.