Sensex, Nifty rise in early trade; Telecom, power stocks gain
Sensex and Nifty opened on a positive note on Wednesday as participants showed keen interest in telecom, power and energy stocks.
The BSE Sensex was trading 187.89 points or 0.32 per cent higher at 58,852.22 in early trade, while the NSE Nifty was trading 59.85 points or 0.34 per cent higher at 17,563.20.
On the Sensex chart, Bharti Airtel, PowerGrid, NTPC, Sun Pharma and Reliance Industries were the major gainers, rising up to 2.04 per cent. On the other hand, Bajaj Finserv, Tech Mahindra, Maruti, Asian Paints and Infosys were among the major laggards.
Analysts said the telecom sector is in focus as major players in the sector have started increasing rates, which will boost profits.
In the previous session, the BSE Sensex closed 198.44 points or 0.34 per cent higher at 58,664.33 and the NSE Nifty rose 86.80 points or 0.50 per cent at 17,503.35.
Elsewhere in Asia, stock markets traded with moderate to deep losses tracking a rise in US bond yields and volatility in global crude oil prices in the wake of price-cooling efforts by the US and other countries. Offloading of shares of foreign institutional investors continued on Tuesday as they sold shares worth Rs 4,477.06 crore on a net basis.
Global crude oil benchmark Brent crude futures were trading 0.15 per cent higher at $82.30 per barrel.
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