Opening bell: Sensex rises over 100 points, Nifty crosses 10,900 levels
Stocks from the metal, energy, oil and gas, IT and tech sectors were the top gainers in early trading session at the Indian indices.
On account of Chinese stimulus package hopes and dent to Theresa May's Brexit bid, the BSE Sensex rose over 100 points to 36,445 mark while the 50-share Nifty rose 25 points to 10,913 mark. Stocks from the metal, energy, oil and gas, IT and tech sectors were the top gainers in early trading session at the Indian indices.
Graphite India was the top gainer among all listed shares by logging more than 5 per cent gains from its previous close which was closely followed by Meghmani Organics and Vakrangee. Among Metal majors, Vedanta was up by around 1.1 per cent while Tata Steel shares went northward by more than 0.5 per cent. Hindalco Industries went up by around 0.7 per cent. Among energy sector stocks, Gujarat Gas continued extended its rally by logging more than 2 per cent gains from its Tuesday close. Shares of ONGC too rise by near half a per cent. Asian Oilfield Services shares shot up by more than 4 per cent.
V K Sharma, Head PCG & Capital Markets Strategy at HDFC Securities told in a written press statement, "Rupee has become the worst performer among Asian currencies for the current year, till date. Foreign fund outflow and rise in crude oil prices has been the prime reasons for the recent weakness. Indian rupee last traded at 71.07 losing 14 paise, at one month low." He went on to add that global funds sold a net 7.3b rupees of Indian equities Monday, according to provisional NSE data; they bought 1.4b rupees of govt. bonds, sold 2.6b rupees of corporate debt the same day.
Asian shares took a breather on Wednesday after rallying the previous day on Chinese stimulus hopes, with investors assessing Brexit options after British lawmakers trounced Prime Minister Theresa May's deal to pull out Britain from the European Union.
MSCI's broadest index of Asia-Pacific shares outside Japan was off a touch, having swung up on Tuesday after Chinese officials came out in force to signal more measures to stabilise a slowing economy.
The China hopes also helped boost Wall Street overnight, though the early session in Asia saw investors tread cautiously. Australian shares tacked on 0.1 per cent while Japan`s Nikkei lost 0.7 per cent.