Stock Market: Sensex Rises 300 Points, Nifty Above 19,400 Mark; JioFin Surges 5%, Auto, Bank Shine

Stock Market Update: On the 30-share Sensex platform, JioFin, Tech Mahindra, Tata Steel, M&M were among the early gainers. On the downside, Power Grid, Nestle India, NTPC were losers in early trade. 

In the broader markets, the BSE Midcap and BSE Smallcap jumped 0.7 per cent and 0.8 per cent, respectively.  ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, on Wednesday, started trade with gains following strong global cues. At 9.30 am, the S&P BSE Sensex surged 329 points or 0.51 per cent to 65,405. On the other hand, the NSE Nifty was trading at 19,424, up 81 points or 0.42 per cent. 

On the 30-share Sensex platform, JioFin (5 per cent), Tech Mahindra, Tata Steel, Mahindra & Mahindra, and Axis Bank were among the early gainers. On the downside, Power Grid, Nestle India, NTPC and Asian Paints were among the only losers in early trade. 

Among specific stocks on Nifty, shares of BPCL dipped over 1.30 per cent, followed by Power Grid, Apollo, Hero Moto Corp, and Divi Labs down marginally. On the other hand, JioFin, Hindalco, Tech Mahinda, Tata Steel, and Mahindra & Mahindra were trading in green.  

In the broader markets, the BSE Midcap and BSE Smallcap jumped 0.7 per cent and 0.8 per cent, respectively. 

Sectorwise, all other indices were trading in the green, led by Nifty Auto, Nifty Bank, Nifty Finance, and Nifty Metal indices rising over 0.7 per cent. Volatility gauge, India VIX, slipped 3 per cent.

In the previous session, the S&P BSE Sensex closed at 65,076 up by 79 points or 0.12 per cent. On the other hand, the Nifty concluded at 19,343, with an increase of 37 points or 0.19 per cent.

Overnight, the Wall Street trading session ended with sharp gains on Tuesday as expectations of an interest rate pause by the US Federal Reserve lifted market sentiment. The rally came against the backdrop of the US Labor data showing a third straight month of decline, signaling ease in labor market pressures. The number of job openings in the US stood at 8.827 million in July. 

The S&P 500 climbed 1.45 per cent to 4,497.63 points. The Nasdaq gained 1.74 per cent to 13,943.76 points, while the Dow Jones Industrial Average rose 0.85 per cent to 34,852.67 points.

Asian markets followed Wall Street sentiment on Monday, starting trade with gains. Hong Kong's Hang Seng index and Japan's Nikkei 300 rose over 1 per cent. Australia's S&P 200 index also gained in early trade. 

The rupee opened marginally higher at 82.66 against the dollar on Wednesday compared to Tuesday's close of 82.70.

Commodity-wise, Brent crude futures rose 0.33 per cent to $85.77 per barrel.

As per BSE data, Foreign Portfolio Investors (FPIs) were the net buyers, purchasing shares worth Rs 61.51 crore.