Sensex rises 250 points tracking global market mood; Nifty above 21,500
economictimes.indiatimes.comequity indices opened higher for the fourth consecutive day on Wednesday, led by banking, auto and IT stocks.
The BSE Sensex was trading 280 points or 0.39% higher at 71,618. Nifty50 was trading at 21,529, up 87 points or 0.41% at around 9.17 am.
From the Sensex pack, UltraTech Cement, Power Grid and Tata Motors were the top gainers, rising over 1% each.
JSW Steel, Infosys, Tata Steel, and L&T also opened higher. On the other hand, only HDFC Bank and Sun Pharma opened lower.
Adani Energy Solutions shares rose 4% after the company received a Letter of Intent (LoI) for the acquisition of a special purpose vehicle Halvad Transmission from PFC Consulting.
State-owned SJVN rose 4.4% after the company secured a 100 MW solar power project from Gujarat Urja Vikas Nigam, to be developed by its unit SJVN Green Energy at a tentative cost of Rs 550 crore.
Sector-wise, Nifty Metal rose 0.64%, and Nifty Nifty IT surged 0.6%.
Nifty Bank, Auto, Financial Services, FMCG, Realty, and Pharma also opened higher. In the broader market, Nifty Midcap100 gained 0.54%, while Smallcap100 rose 0.7%.
Experts Take
«The resilience of the market even in the holiday season, which is normally devoid of much action, is an indication of its underlying bullishness.
The global support to the market from the mother market US where the S&P 500 is close to all-time high is significant,» said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Investors should give priority to high quality bluechips which are doing well and have good earnings visibility. A correction in the broader market is inevitable, Vijayakumar said.
Deven Mehata, Equity Research Analyst at Choice Broking, said, «Nifty can find support at 21,400 followed by
