Markets on Wednesday opened lower but recovered the losses in first few minutes of trade. The Sensex rose as much as 98.61 points in early trade to 39,533.55, and the NSE Nifty index moved to 11,818.10, up 21.65 points from the previous close. NTPC, Bharti Airtel, Axis Bank are among major gainers on the Indices, while losers are UPL, Zee Entertainment, Dr. Reddy's Lab, IndusInd Bank, HDFC, Titan Company and Maruti Suzuki.
The BSE Sensex on Tuesday rallied about 312 points, driven by energy, auto and banking stocks as monsoon’s swift progress revived investor sentiment.
According to experts, a positive momentum has been triggered in domestic stock market as monsoon swiftly progressed towards central and north India.
Despite weakness in global markets after US Fed chief Jerome Powell tempered expectations of aggressive rate cuts in the future, domestic investors were upbeat amid heavy foreign fund inflow ahead of the union budget next week as all eyes remain on what measure the current government will undertake to boost growth, traders said.
On a net basis, foreign institutional investors bought equities worth Rs 1,157.87 crore, and domestic institutional investors purchased shares to the tune of Rs 377.22 crore, provisional data available with stock exchanges showed Tuesday.
Meanwhile, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a mixed note in their respective early sessions.
On Wall Street, S&P500 and Nasdaq ended in the red on Tuesday.
On the currency front, the Indian rupee depreciated 10 paise to 69.46 against the US dollar.
The global oil benchmark Brent crude futures rose 1.31 per cent to 65.12 per barrel.