The Indian equity benchmark indices opened higher on Wednesday on broad-based buying led by PSU banks, metal, auto and media stocks.
The Indian equity benchmark indices opened higher on Wednesday on broad-based buying led by PSU banks, metal, auto and media stocks. Positive momentum in the global markets and sustained foreign capital inflows in domestic market also supported the rally.
At 9:15 am, the Sensex opened 249.31 points or 0.70 percent higher at 35,679.74, while the Nifty50 index opened at 10,529.25, up 58.25 points or 0.56 percent.
Broader indices supported gains with Nifty Smallcap100 and Nifty Midcap100 up 0.94 percent and 0.75 percent, respectively.
Among sectoral indices, the Nifty PSU Bank gained the most, 2 percent, followed by Nifty Metal, Nifty Media and Nifty Auto.
Bajaj Finance, Asian Paints, JSW Steel, NTPC and Mahindra & Mahindra were the top Nifty50 gainers while Bharti Infratel, Cipla, HCL Technologies, PowerGrid Corporation and Adani Ports & SEZ remained the top losers.
Shares of Bank of Baroda rallied 7 percent after the bank reported better March quarter earnings with improvement in asset quality. The bank posted a net profit of Rs 506.6 crore in Q4FY20 as against a net loss of Rs 991.4 crore, YoY. Net interest income rose 5.02 percent YoY to Rs 6,798 crore.
Asian Paints gained over 2 percent after the company reported better than expected earnings in the March quarter. It reported a 1.8 percent decline in Q4FY20 net profit at Rs 480.25 crore from Rs 489 crore while revenue dipped 7.1 percent to Rs 4,635.59 crore from Rs 4,991.50, YoY.