Sensex gains 251 points amid mixed global cues

MUMBAI: The Indian stock market's benchmark Sensex was trading with a gain of 251 points in the afternoon session on Wednesday led by good buying support in power, FMCG and financial stocks amid mixed global cues. The 30 stock S&P BSE Sensex was trading 250.83 points or 0.44 per cent higher at 57,398.15 points at 1.34 pm against its previous day's close at 57,147.32 points.

The markets witnessed volatility. The Sensex started the day in the positive at 57,312.49 points but slipped into negative in the late morning session touching a low of 57,085.92 points. The markets rebounded in the afternoon session touching a high of 57,575.16 points. The Sensex had slumped by 843.79 points or 1.46 per cent on Tuesday.

The broader Nifty 50 of the National Stock Exchange was trading 83.05 points or 0.49 per cent higher at 17,066.60 points against its previous day's close at 16,983.55 points. The Nifty had lost 257.45 points or 1.49 per cent on Tuesday.

There was good buying support in power, FMCG and financial stocks. Power Grid Corporation jumped 3.29 per cent to Rs 215.15. NTPC surged 2.02 per cent to Rs 164.25. Axis Bank soared 2.05 per cent to Rs 801.80. Hindustan Unilever rose 1.69 per cent to Rs 2593. Nestle India jumped 1.30 per cent to Rs 18699. ITC rose 1.26 per cent to Rs 330.10.

The index heavyweight Reliance Industries Limited was trading 0.50 per cent higher at Rs 2369. TCS was trading 0.58 per cent higher at Rs 3086.65. TCS had lost 1.67 per cent on Tuesday a day after announcing financial results. Tata Consultancy Services (TCS), the country's largest software exporter, on Monday, said its consolidated net profit jumped by 8 per cent to Rs 10,431 crore for the quarter ended September 30, 2022.

The company's consolidated revenue from operations rose surged by 18 per cent to Rs 55,309 crore in the second quarter of 2022-23 as compared to Rs 46,867 crore in the corresponding quarter of the last year. Only eight of the 30 scrips that are part of the benchmark Sensex were trading in the red. Asian Paints slipped 1.75 per cent to Rs 3242.50. Dr Reddy's Laboratories was down 1.44 per cent to Rs 4221.85. ICICI Bank, Bajaj Finance, Bharti Airtel, Titan and Maruti Suzuki were among the major Sensex losers.