The Indian market traded higher on Wednesday afternoon, tracking positive global cues as investors remained cautiously optimistic on the signs of a likely deal between the US and China in the ongoing trade tariffs war.
The Nifty reclaimed the 10,700 mark, trading at 10,746 at 12.16 pm, higher by 60 points, or 0.57 percent, while the Sensex was at 35,766, trading higher by nearly 253 points, or 0.71 percent.
Broader market indices were lagging behind the frontline indexes with the Nifty MidCap slipping to the red, trading lower by 0.15 percent. The BSE MidCap was marginally higher, up by 0.12 percent.
Among sectoral indexes, BSE IT was leading the 23 advancing sectors, while Nifty CPSE was the weakest among 20 declining sectors. Realty and telecom were other major laggards.
Among stocks, Tata Consultancy Services surged nearly 4 percent, while Infosys shares rose more than 3 percent. Zee Entertainment, Tech Mahindra, IndusInd Bank and Reliance Industries moved higher by up to 3 percent.
Yes Bank shares plunged again, falling 6 percent, after Moody's Investors Service on Tuesday downgraded the private bank's ratings to non-investment grade and changed the bank's outlook to negative from stable on the back of various resignations from the board. Reports of the sparring promoters of Yes Bank closing in towards a peace deal also failed to lift the stock.
Downstream oil companies of Indian Oil Corp. and BPCL traded weak, falling over 2 percent each. Tata Motors, Bharti Infratel, Bharti Airtel, Adani Ports and ONGC fell by up to 2 percent.
The rupee traded at 70.66 against the US dollar, after opening at 70.88. The home currency had closed at 70.76 against the greenback on Tuesday.
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First Published: IST
