The 30-share BSE index was trading 0.42 per cent higher at 49,958.41 or 207 points. Equity benchmark Sensex jumped over 200 points within the opening session on Wednesday, tracking gains in index majors like Reliance Industries, HDFC Bank and Axis Bank, even having a weak trend in global markets. The broader NSE Nifty was similarly quoting 69.35 points or 0.47 per cent up at 14,777.15.
Axis Bank stands first gaining the highest within the Sensex pack, rising around 2 per cent, followed by Bajaj Finance, SBI, Reliance Industries, ONGC and UltraTech Cement. On the other side PowerGrid, TCS, and Infosys, HUL were among those who lacked in the performance and were left behind in the competition. Sensex ended 7.09 points or 0.01 per cent higher at 49,751.41, and Nifty settled 32.10 points or 0.22 per cent up at 14,707.80 within the previous session.
As per exchange data, the Foreign institutional investors (FIIs) were net sellers within the capital market as they offloaded shares worth ₹1,569.04 crores on Tuesday. Binod Modi Head-Strategy at Reliance Securities said that Domestic equities look to be good at the instant despite mixed cues from Asian markets.
Binod Modi also added that FIIs turning net sellers for last two days are often a reason to stress within the near term. However, they still believe that FIIs flow should be favorable within the medium to long-term perspective as underlying strength of Indian equities remains intact, Sharp reversal were witnessed from losses suffered initially, and finished at higher mostly as Fed Chairman Jerome Powell continued to sound dovish in his testimony.
Many other regions in Asia, some in Shanghai, Hong Kong, Seoul and Tokyo were trading on a negative note. Meanwhile, the worldwide oil benchmark Brent crude was trading 0.56 per cent lower at USD 64.12 per barrel.
