Benchmark indices were trading higher on Wednesday, maintaining momentum from the previous day's rally, despite mixed global cues.
Indian shares traded higher on Wednesday, sustaining positive momentum from the previous day's rally, amid mixed global cues. Asian shares, however, traded in a tight range as investors awaited fresh directional cues from US-China trade negotiations. At 1:30 pm, the 30-share S&P BSE Sensex was trading at 36,610, up 167 points, while the broader NSE Nifty50 was ruling at 11,038, adding 51 points.
Broader markets slightly outperformed frontline indices with the Nifty MidCap rising 0.5 percent and Nifty Smallcap gaining 0.8 percent. Among sectors Nifty Realty, Nifty PSU Bank and Nifty IT were top performers, while Nifty Auto slipped in the red after rallying 3 percent in Tuesday's trade.
Reliance, Bharti Infratel, BPCL, Vedanta and Tech Mahindra were top gainers on the NSE frontline index, rising between 2-3 percent. Zee, Tata Motors, Axis Bank, HeroMoto Corp and JSW Steel fell by up to 2 percent.
In major movers, Dewan Housing Finance Corp (DHFL) surged nearly 20 percent in intra-day deals as the mortgage lender released an independent review report which gave it a clean chit. The auditor's report said that DHFL has not promoted any of the 26 shell companies, that were alleged to have siphoned off about Rs 35,000 crore of the company, as reported by investigative news portal Cobrapost.
Dredging Corporation of India (DCIL) shares hit 20 percent upper circuit at Rs 456.70, touching the day's high. The smallcap shipping stock gained on reports that four major ports, including Visakhapatnam Port Trust (VPT) are all set to sign the share purchase agreements for 73.47 percent of government equity in the company in the next few days.
Edelweiss Financial Services rallied 12 percent to Rs 173 per share on the BSE on Wednesday in intra-day trade, extending yesterday's 10 percent gain after the company announced that the Canadian fund CDPQ is going to invest about Rs 1,800 crore in ECL Finance, the non-banking financial company (NBFC) arm of the Group.
Globally, Asian stocks traded in a tight range on Wednesday, as investors awaited fresh directional cues from US-China trade negotiations and a weaker Wall Street finish capped broader gains, while robust US economic data supported the dollar.
MSCI’s broadest index of Asia-Pacific shares outside Japan was barely changed. Australian stocks added 0.2 percent while Japan’s Nikkei declined 0.5 percent.
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First Published: IST