Indian shares opened higher on Wednesday led by gains in banks, FMCG and realty stocks. However, mixed cues from Asian peers limited the upside in the domestic market.
Indian shares opened higher on Wednesday led by strong buying in banks, FMCG and realty stocks. The upside, however, remained limited amid mixed cues in Asian markets. At 9:15 am, the benchmark 30-share S&P BSE Sensex gained 72.45 points, or 0.21 percent, to start at 34,029.14, while the Nifty50 index opened at 10,072.60, up 25.95 points or 0.26 percent.
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Broader market indices Nifty Smallcap100 and Nifty Midcap100 indices were up 0.52 percent and 0.68 percent, respectively. Among sectoral indices, the Nifty PSU Bank, Nifty Realty, Nifty Financial Services and Nifty FMCG gained the most, while Nifty Auto and Nifty Metal traded under pressure.
Bharti Infratel, Shree Cement, Asian paints, HDFC and ONGC led gains among Nifty50 constituents while Hero MotoCorp, Tata Steel, Tata Motors, GAIL India and JSW Steel were the top index losers.
Shares of Hero MotoCorp, the country's largest two-wheeler maker, declined after it reported 15 percent fall in Q4FY20 standalone profit to Rs 621 crore as against Rs 730.32 crore in the same period last year. Hero Moto's revenue from operations declined 21 percent to Rs 6,238 crore, YoY, impacted by lower sales volumes, which fell 25 percent to 13.35 lakh units during the March quarter.
JM Financial rose over 2 percent after the company launched a qualified institutional placement with an indicative issue size of $101.8 million, or up to Rs 770 crore. The QIP has been launched at an indicative price of Rs 66.72 per share.
Meanwhile, in Asia, stock markets eked out a 10th consecutive session of gains on Wednesday, but momentum ebbed as doubts about the global recovery from the pandemic returned ahead of the US Federal Reserve meeting.