Stock Market Today: Nifty, Sensex Open Higher Amid Positive Global Cues

Among the major gainers on the BSE Sensex were HCL Tech, Infosys, Sun Pharma, Bajaj Finserv, and Tech M. In contrast, the biggest losers included Titan, Tata Steel, HUL, JSW Steel and Kotak Bank

Indian benchmark indices opened higher on Wednesday, with the Nifty around 24,300 following positive global cues. The Sensex rose 187.34 points, or 0.24 per cent, to 79,663.97, while the Nifty gained 40.50 points, or 0.17 per cent, to reach 24,253.80. Of the shares traded, 1,941 advanced, 437 declined, and 110 remained unchanged.

Among the major gainers on the BSE Sensex were HCL Tech, Infosys, Sun Pharma, Bajaj Finserv, and Tech Mahindra. In contrast, the biggest losers included Titan, Tata Steel, HUL, JSW Steel and Kotak Mahindra Bank.

"The bulls are working to defend the 24,000 level in the Nifty amid ongoing choppiness, and a strong rally in banking majors has raised hopes for further recovery. However, upside potential appears limited, with a significant resistance zone around 24,400-24,500. Much will depend on global cues, with all eyes on the US presidential election. Traders are advised to maintain a hedged approach and keep position sizes in check until we see some stability," said Ajit Mishra, SVP of Research at Religare Broking.

The rupee declined by 14 paise to an all-time low of 84.23 against the US dollar in early trade on Wednesday. This follows the rupee's recovery from its all-time low on Tuesday when it ended 1 paisa higher at 84.10 (provisional) against the US dollar. The rebound was fueled by a recovery in domestic markets and what is believed to be an intervention by the Reserve Bank of India.

In the previous trading session on Tuesday, Domestic benchmark indices staged a strong recovery, reversing earlier losses to close higher by the end of the session. The Nifty surged past the 24,100 mark, while the Sensex bounced back with a gain of more than 1,100 points from its intraday low, driven by gains in bank and metal stocks. The Nifty had dropped as much as 0.5 per cent to an intraday low of 23,842.75 before rallying to a high of 24,229.05, up 1.6 per cent from its low. It ultimately closed at 24,198.30, up 0.85 per cent for the day.

The 30-share Sensex finished at 79,476.63, gaining 0.88 per cent. During the session, the index surged more than 1,200 points from its low to peak at 79,523.13.