Stock Market: Sensex Rises 132 Points, Nifty Trades Above 17,770. Metal And Pharma Stocks Gain

Stock update: On the 30-share Sensex platform, Reliance, HDFC Bank, HDFC, Tata Motors, Ultra Cemco, Sun Pharma, Titan were among the winners

The two key equity benchmarks, Sensex and Nifty, on Wednesday opened flat in early morning trade, ahead of March inflation figures. However, the two domestic indices gradually moved into the green.

At 9.35 am, the BSE Sensex was up 132 points to 60,289. On the other hand, the NSE Nifty50 was trading at 17,772, up 50 points.

On the 30-share Sensex platform, Reliance, HDFC Bank, HDFC, Tata Motors, Ultra Cemco, Sun Pharma, Titan were among the winners. On the flip side, Nestle, PowerGrid, HUL, NTPC, Kotak Bank emerged early losers on Wednesday.

Among individual stocks, shares of Tata Consultancy Services (TCS) declined marginally ahead of Q4FY23 results. Brokerages estimate the company to report soft revenue growth over the preceding quarter due to seasonal weakness, however, they foresee margin expansion on lower attrition. Besides, shares of Sula Vineyards soared over 6 per cent after the wine producer crossed 1 million cases.

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices outperformed benchmark indices as they gained up to 0.2 per cent each.

Sectorwise, Nifty Metal and Nifty Pharma indices led the charge as they surged up to 0.5 per cent. On the flipside, Nifty IT, and Nifty FMCG indices lost up to 0.1 per cent.

In the previous session on Tuesday, the S&P BSE Sensex gained 311 points to 61,152. On the other hand, the NSE Nifty went up by 98 points 17,722.

Brent crude futures, the global oil benchmark, advanced 0.04 per cent to $85.64 per barrel.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Tuesday as they purchased shares worth Rs 342.84 crore, according to exchange data.

Meanwhile, the rupee gained 11 paise to 82.01 against the US dollar in early trade on Wednesday tracking a positive trend in domestic equities and foreign fund inflows. Forex traders said investors are focusing on India's CPI data scheduled to be released later in the day.

At the interbank foreign exchange, the domestic unit opened at 82.08 against the dollar, then climbed to 82.01, registering a rise of 11 paise over its previous close. On Tuesday, the rupee closed at 82.12 against the US currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.11 per cent to 102.08.