Share market Opening Bell! Nifty, Sensex open in the green; private banks slump - ONGC jumps 3% in the early morning trade

The Indian market starts Wednesday’s session on a positive note, with Sensex open at almost 58,350, while Nifty near 17,400 levels. Private banks underperform in the early morning trade today. 

The BSE Sensex gained over 100 points or 0.18 per cent to 58349.8, while Nifty50 marginally grew by 7.7 points or 0.04 per cent to 17387.7 levels on Wednesday. While in the broader markets, Mid-cap Index jumped over 100 points or 0.35 per cent to 29975.2 levels today at the market open today.  

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Private banks led the decline most in the index in the early morning trade as Nifty Bank started Wednesday’s session on a negative note, slipping around 70 points or 0.19 per cent to 36543.6 levels. The fall led by IndusInd Bank.          

Private bank stocks opened weak today, with IndusInd Bank, Axis Bank and HDFC Bank declining most by around 0.5 per cent, followed by IT and Steel stocks such as HCL Tech, Tech Mahindra and Tata Steel, Hindalco respectively by around 0.35 per cent minutes after market open.       

Of 50 scrips on Nifty50, 37 advanced, 13 declined minutes after the market open today. ONGC surge most in the early morning trade on Wednesday by over 3 per cent, as the natural gas is at 7-year high. Similarly, Shree Cement grew by 1 per cent amid the company’s capex announcement.

Other stocks that are lifting the benchmarks up are Titan, Hero MotoCorp, Bajaj Auto, HDFC Life each trading above 0.6 per cent minutes after the market open on Wednesday.

Almost all sectoral indices opened positive, except for Nifty Bank and financial services and private bank. Nifty Auto, FMCG and Pharma grew most by over 0.3 per cent in the early morning trade. While Nifty Media continues its gaining streak up over 1 per cent today. 

Globally, the US markets on Tuesday saw some profit booking after a one-day pullback as the undertone remains weak with selling emerging on all rallies. Asian markets on Wednesday opened weak with the Japanese 'Nikkei' trading lower by nearly 1 per cent in the early morning trade.  

Foreign Institutional Investors (FIIs), another important trigger to domestic markets, bought shares worth Rs 1649.6 crore in cash and sold Rs 310.31 crore in index futures on Tuesday.    

The Nifty on Tuesday closed with gains, hitting a fresh new all-time high with foreign flows back in buy mode. ONGC, Coal India, Gail were the large-cap movers in PSU stocks.