The stock market opened green on Wednesday on global cue with hopes for the end of the monetary tightening cycle. The US Federal Reserve's interest rate decision is due later today.
At 9.30 AM, the S&P BSE Sensex rose 194 points, or 0.33 per cent, to 58,269 in early trade, while the Nifty50 was at 17,189, higher by 82 points or 0.48 per cent.
On the 30-share Sensex platform, Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, L&T, Tata Motors, and HCL Tech were trading with gains. On the flip side, Powergrid, ITC, HDFC Bank, Kotak Mahindra Bank, HDFC Bank, and Asian Paints were among the early losers.
Among individual stocks, SBI Life, HDFC Life, Tata Con, Mahindra & Mahindra, and HCL Tech were among the major gainers, while losers were BPCL, Powergrid, Coal India, NTPC, and Kotak Mahindra Bank.
In the previous session on Tuesday, the S&P BSE Sensex surged 446 points, or 0.77 per cent, to settle at 58,075, while the Nifty50 closed at 17,107, higher by 119 points or 0.70 per cent.
Overnight, Wall Street climbed higher as investors hoped for an end to the monetary tightening cycle amid the banking sector crisis. Dow Jones, NASDAQ Composite, and the S&P 500 indices rose up to 1.5 per cent.
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Elsewhere in Asia, markets climbed with Nikkei 225, Kospi, Topix, the S&P 200, Kosdaq, and Hang Seng indices rising up to 2 per cent.
As investor fears eased post the buyout of embattled Credit Suisse prices of oil recovered from 15-week lows. However, Brent Crude declined 0.6 per cent to $74 per barrel. WTI Crude rose 2.5 per cent to $69 per barrel.
On Tuesday, foreign institutional investors (FII) sold shares worth Rs 1,454.63 crore. On the other hand, Domestic institutional investors (DII) bought shares worth Rs 1,946.06 crore, the exchange data showed.