Domestic stock markets resumed trading on Wednesday with a positive start after a holiday amid gains in Asian peers. The S&P BSE Sensex index rose as much as 153.39 points to touch 37,298.84 in early trade, and the broader NSE Nifty benchmark moved to as high as 11,044.45, up 41.4 points from its previous close on Monday. Gains in financial, metal and automobile stocks supported the markets however losses in IT shares kept the upside in check. Yes Bank and Tata Motors were the top percentage gainers on the benchmark indices in the first few minutes of trade. Equities in other Asian markets held firm with MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.10 per cent and Japan's Nikkei up 0.32 per cent.
Here are the latest updates on the movement in domestic financial markets (Sensex, Nifty and rupee) today:
Mid-, Small-Cap Stocks Outperform Broader Markets
Mid- and small-cap shares continued their upmove for a fifth session in a row, with the S&P BSE Midcap and Smallcap indices rising as much as 0.74 per cent and 1.02 per cent respectively during Wednesday'sission.
Jindal Steel, Varroc Engineering, Reliance Infrastructure, Star Paper Mills and Goa Carbon - trading between 4.27 per cent and 18.54 per cent higher were among the top gainers.
Yes Bank, Tata Motors Top Gainers
Top Nifty Gainers
Yes Bank: +5.78%
Tata Motors: +3.28%
JSW Steel: +2.51%
Tata Steel: +2.43%
Top Nifty Laggards
Tech Mahindra: -0.43%
Kotak Mahindra Bank: -0.41%
Nifty Bank: +0.50%
Nifty PSU Bank: +1.06%
Nifty Auto: +1.36%
Nifty Metal: +1.59%
Nifty IT: -0.48%
Nifty Pharma: +0.94%
Financial, Metal Sectors Push Markets Higher
Gains in banking, financial services and metal shares supported the markets however weakness in information technology stocks limited the upside. Market breadth favoured gains, with 567 stocks on the BSE trading higher and 267 struggling with losses. On the NSE, 1,003 stocks advanced while 471 declined.
Share Markets At 9:19 Am
At 9:19 am, the Sensex traded 98.26 points - or 0.26 per cent - higher at 37,243.71, while the broader Nifty was up 16.65 points - or 0.15 per cent - at 11,019.70. Top gainers on the 50-scrip index at the time were Yes Bank, Tata Motors, Vedanta, Tata Steel, JSW Steel and IndusInd Bank, trading between 1.10 per cent and 4.52 per cent higher.
HDFC Bank, Reliance Industries and IndusInd Bank were the top contributors to the gains in Sensex.
Sensex, Nifty Rise In Early Trade
Domestic stock markets started Wednesday's session on a higher note as the markets resumed trading after a holiday, tracking gains in Asian peers. The S&P BSE Sensex index rose as much as 115.8 points in early trade to touch 37,261.25, and the broader NSE Nifty benchmark moved to 11,034.80, up 31.75 points from its previous close on Monday.
Rupee Edges Lower Against Dollar
The rupee edged lower against the US dollar in early trade. After opening at 71.86 against the greenback, the rupee declined to as much as 71.87 in the first few minutes of trade. At 9:04 am, the rupee was down by 0.07 paise - or 0.10 per cent - at 71.77 against the US currency.
Macroeconomic Data Due On Thursday
Analysts awaited the release of consumer inflation data due on Thursday for more clarity on monetary policy going forward. The government will release the consumer inflation data for the month of August at 5:30 pm on Thursday. Consumer inflation - gauged by the Consumer Price Index - eased to 3.15 per cent in July from 3.18 per cent in the previous month, government data last month showed.
Data on industrial production will also be released separately.
Sensex Rises In Pre-Open Market
In the pre-opening session, the Sensex rose as much as 175.57 points - or 0.47 per cent - to 37,321.02. At 9:02 am, the Sensex was seen 146.47 points - or 0.39 per cent - higher at 37,291.92, while the broader Nifty was up 50.30 points - or 0.46 per cent - at 11,053.35. 29 stocks advanced while 14 declined on the 50-scrip index in the pre-open market.
Yes Bank shares will be in focus today, a day after its CEO and managing director said the private sector lender is close to securing a deal to sell a minority stake to a global technology company. Ravneet Gill said the stake sale will help Yes Bank boost its capital.
"We are in fairly advanced level of talks right now and it is close to being a done deal," he told news agency Reuters in an interview.
Markets Set To Resume Trading After A Day's Holiday
On Monday, the Sensex had ended 163.68 points - or 0.44 per cent - higher at 37,145.45, and the broader NSE Nifty benchmark settled at 11,003.05, up 56.85 points - or 0.52 per cent - from the previous close. The 50-scrip index had last closed above the 11,000 mark on August 30.
Asian Shares Up On Hopes Of Easing US-China Trade Concerns
Equities in other Asian markets held firm and bond yields rose on Wednesday as hopes of diminishing US-China tensions and reduced risk of no-deal Brexit prompted investors to take profit in risk-off trade ahead of key central bank policy meetings.
In early trade, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.10 per cent while Japan's Nikkei rose 0.32 per cent.
SGX Nifty Indicates Positive Start For NSE Nifty Today
Domestic stock markets are likely to start Wednesday's session on a higher note amid gains in Asian peers. At 8:36 am, the SGX Nifty - an early indicator of the National Stock Exchange (NSE) Nifty in India - traded 59.50 points - or 0.54 per cent - higher at 11,030.50 on the Singapore Exchange.