Stock Market: Sensex Rises 226 Points, Nifty Trades Above 16,110; Energy, Bank Stocks Drag

Stock update: HUL was the lead gainer, up 1.78 per cent. The other gainers were Asian Paint, Power Grid, Infosys, L&T, and others on the BSE

The BSE MidCap and SmallCap indices were up to 0.6 per cent higher.

The two key domestic equity benchmarks, Sensex and Nifty, on Wednesday opened in the green as crude prices crashed below $100 a barrel.

At 10.15 am, the BSE Sensex was up 226 points at 54,113, while the broader NSE Nifty was trading at 16,118, up 60 points.

On the 30-share BSE platform, HUL was the lead gainer, up 1.78 per cent. The other gainers were Asian Paint, Power Grid, Infosys, L&T, and others. On the flip side, IndusInd Bank was the top loser, down 2.45 per cent. The other laggards were HCL Tech, Titan, HDFC Bank, RIL, Maruti, M&M, and TCS.

The broader markets which opened in green. The BSE MidCap and SmallCap indices were up to 0.6 per cent higher.

Nifty PSB index rallied over 1 per cent leading sectoral gains. Nifty FMCG, Realty were the other notable winners.      

In the previous session on Tuesday, the BSE Sensex declined 509 points (0.94 per cent) to end at 53,886, while the broader NSE Nifty declined 157 points (0.97 per cent) to settle at 16,058.

The rupee started the session on a flat note against the US dollar on Wednesday amid a rally in the equity markets and easing retail inflation.

A strong greenback against major currencies and foreign capital outflows kept investors cautious in early trading, forex dealers said.

At the interbank foreign exchange, the rupee opened strong at 79.55 against the American dollar, then turned volatile to trade in a tight range of 79.53 to 79.60. The domestic unit was trading at 79.58 against the greenback in early deals, registering a gain of just 1 paisa over the last close.

In the previous session, the rupee had closed at an all-time low of 79.59 against the greenback.

Global oil benchmark Brent crude futures rose 0.29 per cent to $99.78 per barrel.

Foreign institutional investors remained net sellers in the capital market on Tuesday, offloading shares worth Rs 1,565.68 crore, as per exchange data.    T