Indian equity market opened on a strong note on Wednesday as macro concerns eased after crude oil prices tanked 7 percent the day before on bleak demand outlook.
The Sensex opened 186 points, or 0.53 percent, at 35,330, while the Nifty also surged 52 points, or 0.50 percent, to start at 10,635. The Nifty MidCap surged more than 110 points, or 0.64 percent, to open at 17,602. Benchmark indexes had closed with 1 percent gains on Tuesday.
Benchmark indexes surged on account of lower crude oil prices, which fell 7 percent, easing macro-economic concerns. BSE Oil and Gas was the top sectoral gainer, while Nifty Media was the weakest among 5 declining sector, falling by 1.45 percent.
Public sector downstream companies of HPCL, IOC and BPCL were among top Nifty gainers, rising between 3.4 and 5 percent. Asian Paints and Tata Steel were other major gainers, rising by up to nearly 3 percent.
Sun Pharma was leading the losers on Nifty following a weak set of Q2 numbers. The stock dipped 2.5 percent.
Other major losers were Zee Entertainment, HCL Technologies, Infosys and Tata Consultancy Services, falling by up to 2.10 percent.
The Indian rupee opened at nearly two-month high of 72.16 against the US dollar on Wednesday. The home currency had closed at 72.66 against the greenback on Tuesday. The rupee further appreciated to 72 against the US Dollar for the first time since September 21.
Asian markets traded largely lower with Hong Kong's Hang Seng trading in the red. Japan's Nikkei was higher by 0.31 percent.
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