Mumbai: Equity Benchmark Sensex Tracking gains in index heavyweights like Reliance Industries, ICICI Bank and Asian Paints, it gained over 100 points in early trade on Wednesday.
The 30-share index was trading 106.71 points or 0.17 per cent higher at 61,456.97 in opening deals. Similarly, nifty It rose 26.70 points, or 0.15 per cent, to 18,295.10.
Asian Paints was the top gainer in the Sensex pack, rising nearly 6 per cent, followed by ICICI Bank, Sun Pharma, Nestle India, Dr Reddy’s and TCS.
On the other hand, Axis Bank, Bajaj Finance, Tech Mahindra And IndusInd Bank was among the laggards.
In the previous session, the 30-share index ended 383.21 points or 0.63 per cent higher at 61,350.26, while the Nifty ended 143 points or 0.79 per cent higher at 18,268.40.
foreign institutional investors (FIIs) were net sellers in the capital markets as they sold shares worth Rs 2,368.66 crore on Tuesday, according to exchange data.
Higher input costs have adversely affected margins and profitability of select consumer and manufacturing companies despite stagnant volumes and sales growth, said Binod Modi Head-Strategy Reliance Securities.
This inevitably raises concerns about the sustainability of earnings rebound in subsequent quarters, which have weighed on sentiments recently, he said.
However, “the overall performance so far has been good with sharp growth in revenues, despite double-digit growth in earnings,” he said, adding, “In our view, the market may remain volatile with a downside bias in the near term.” And investors will track the pricing power of industries”.
Elsewhere in Asia, shares in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in mid-session deals.
Stock exchanges in the US ended on a positive note in the overnight session.
Meanwhile, international oil benchmark Brent crude fell 0.47 per cent to $85.25 a barrel.
The 30-share index was trading 106.71 points or 0.17 per cent higher at 61,456.97 in opening deals. Similarly, nifty It rose 26.70 points, or 0.15 per cent, to 18,295.10.
Asian Paints was the top gainer in the Sensex pack, rising nearly 6 per cent, followed by ICICI Bank, Sun Pharma, Nestle India, Dr Reddy’s and TCS.
On the other hand, Axis Bank, Bajaj Finance, Tech Mahindra And IndusInd Bank was among the laggards.
In the previous session, the 30-share index ended 383.21 points or 0.63 per cent higher at 61,350.26, while the Nifty ended 143 points or 0.79 per cent higher at 18,268.40.
foreign institutional investors (FIIs) were net sellers in the capital markets as they sold shares worth Rs 2,368.66 crore on Tuesday, according to exchange data.
Higher input costs have adversely affected margins and profitability of select consumer and manufacturing companies despite stagnant volumes and sales growth, said Binod Modi Head-Strategy Reliance Securities.
This inevitably raises concerns about the sustainability of earnings rebound in subsequent quarters, which have weighed on sentiments recently, he said.
However, “the overall performance so far has been good with sharp growth in revenues, despite double-digit growth in earnings,” he said, adding, “In our view, the market may remain volatile with a downside bias in the near term.” And investors will track the pricing power of industries”.
Elsewhere in Asia, shares in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in mid-session deals.
Stock exchanges in the US ended on a positive note in the overnight session.
Meanwhile, international oil benchmark Brent crude fell 0.47 per cent to $85.25 a barrel.
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