Sensex climbs about 400 pts to reclaim 61K-level in early trade
The BSE Sensex zoomed nearly 400 points to reclaim the critical 61,000-level in opening deals on Wednesday, buoyed by expectations of an excellent quarterly earnings season.
Starting on a positive note, the BSE gauge was trading 397.48 points or 0.66 per cent higher at 61,014.37 in opening trade. Similarly, the NSE benchmark Nifty rose 96.50 points or 0.53 per cent to trade at 18,152.25 in the early session.
UltraTech Cement, RIL, IndusInd Bank, Bharti Airtel, Kotak Bank, and Tata Steel were among the major gainers on the Sensex chart.
In contrast, TCS, Dr Reddy’s, Titan, Maruti and Wipro were among the major laggards. In the previous session, the 30-share benchmark ended 221.26 points or 0.37 per cent higher at 60,616.89, and the NSE Nifty gained 52.45 points or 0.29 per cent to finish at 18,055.75.
“The short-term momentum reflects that the market is in complete control of the bulls. The expected good results from the three IT majors today are likely to impart resilience to the market,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Results from the leading banks, starting Saturday, also will be good thanks to declining provisioning and rising net interest margins, he added.
Elsewhere in Asia, markets traded in the green following higher closing at Wall Street. According to stock exchange data, foreign institutional investors (FIIs) were net buyers in the capital market, as they bought shares worth Rs 111.91 crore on Tuesday.
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Article Proofread & Published by Gauri Malhotra.
