Sensex, Nifty rise in early trade on buying in IT stocks, firm global market trends
The 30-share BSE benchmark Sensex rose 355.87 points to 76,257.28 in early trade
PTI
BSE Building (PTI)
MUMBAI: Stock market benchmark indices Sensex and Nifty advanced in early trade on Wednesday amid a rally in global peers and buying in IT stocks.
The 30-share BSE benchmark Sensex rose 355.87 points to 76,257.28 in early trade. The NSE Nifty went up by 92.8 points to 23,050.05.
From the 30-share blue-chip pack, Infosys, Zomato, Tata Consultancy Services, Tech Mahindra, HCL Tech, Tata Steel, Tata Motors and Kotak Mahindra Bank were the biggest gainers.
Hindustan Unilever, Nestle, ITC and Asian Paints were among the laggards.
In Asian markets, Seoul and Tokyo were trading in the positive territory. Markets in Shanghai and Hong Kong were closed due to holidays.
US markets ended higher on Tuesday.
"The recovery in the market witnessed on Tuesday can continue with resilience in fairly priced financials. However, a sharp rally is unlikely since FIIs will sell at higher levels.
"The market will be looking forward to positive cues in the Budget. The Fed decision is unlikely to influence the market since no change in policy is expected from this meeting," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,920.69 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude dipped 0.15 per cent to USD 77.37 a barrel.
"The focus is now on the Federal Reserve's rate decision and the upcoming Union Budget 2025, where measures to boost consumption and growth are expected," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
On Tuesday, the BSE benchmark Sensex climbed 535.24 points or 0.71 per cent to settle at 75,901.41. The Nifty went up by 128.10 points or 0.56 per cent to 22,957.25.
