Stock Market: Sensex Gains 239 Points, Nifty Trades Above 18,100 Amid Steady Cues. PSU Banks Fall

Stock update: On the 30-share Sensex platform, Tata Steel, HDFC Bank, Wipro, HDFC, Kotak Bank, ITC, and others were the early winners, rising in the range of 1 per cent to 2.1 per cent

In the broader markets, the BSE MidCap and SmallCap indices gained to 0.2 per cent each.

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Sensex and Nifty, the two key equity benchmarks, on Wednesday were trading higher amid steady global cues and healthy buying in metal, financials, and select IT and FMCG stocks.

At 11 am, the S&P BSE Sensex was trading at 60,894, up 239 points, while the NSE Nifty50 was up 64 points to 18,117.

On the 30-share Sensex platform, Tata Steel, HDFC Bank, Wipro, HDFC, Kotak Bank, ITC, and others were the early winners, rising in the range of 1 per cent to 2.1 per cent. On the flip side, Tata Motors, M&M, SBI, UltraCemco, L&T, IndusInd Bank, and others were trading in the red.

Among specific stocks, Bank of India fell over 4 per cent even as it posted net profit of Rs 1,151 crore, up 12 per cent YoY and 20 per cent sequentially. Delta Corp, too, tumbled over 4 per cent after the company reported a standalone net profit of Rs 74.2 crore for the quarter ended December, 2022, (Q3FY23) as against a profit of Rs 66.86 crore recorded in Q3FY22

In the broader markets, the BSE MidCap and SmallCap indices gained to 0.2 per cent each.

Sectorwise, the Nifty Metal index led from the front, advancing 0.8 per cent on NSE. On the flipside, the Nifty PSU Bank index fell 1 per cent to trade as the top dragging index on the exchange.

In the previous session on Tuesday, the S&P BSE Sensex closed at 60,656, up 563 points. On the other hand, Nifty50 closed at 18,053 levels, up 158 points.

Meanwhile, the rupee depreciated 13 paise to 81.82 against the US dollar in early trade on Wednesday, as a strengthening American currency and firm crude oil prices weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit opened weak at 81.80 against the dollar, then fell to 81.82, registering a decline of 13 paise over its last close. In the previous session on Tuesday, the rupee settled at 81.69 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.49 per cent to 102.88.

Brent crude futures, the global oil benchmark, advanced 0.65 per cent to $86.48 per barrel.

Foreign Institutional Investors (FIIs) turned net buyers in the capital markets on Tuesday as they purchased shares worth Rs 211.06 crore, according to exchange data.