Indian markets continued to rise in early trade for the third day on Wednesday following positive global cues. Metal, banking, realty and IT stocks supported the rally.
The 30-share benchmark index, BSE Sensex opened with a gain of 441.32 points or 0.88% at 50,738.21, while the broad based NSE Nifty started with a rise of 145.30 points or 0.97%, at 15,064.40.
At 11.06 a.m., the Sensex was trading up 468.26 points or 0.93% at 50,765.15 with 23 components gaining. Meanwhile, the Nifty was trading higher by 151.05 points or 1.01% at 15,070.15 with 38 components gaining.
Asian stocks opened mixed after U.S. peers retreated on concerns about excessive investor optimism. Treasuries held gains. Shares rose in Japan and Australia but fluctuated in South Korea. SGX Nifty and Dow Future gained 0.1% each.US stocks closed lower on Tuesday following the biggest rally in nine months during the prior session, with technology the worst performing sector. Government bond yields declined 1bp to 1.40%. The Dow Jones fell 0.4% to while the S&P 500 was lower by 0.8% after recording its largest gain since June on Monday. The tech-heavy Nasdaq Composite was down 1.7%.
European stocks on Tuesday climbed for a second consecutive day with most sectors and bourses in green and as investor sentiment stabilised over rising U.S. bond yields. FTSE, CAC and DAX Index gained 0.3% each.
Housing Development Finance Corporation contributed rise of 96.39 points in the Sensex. It was followed by ICICI Bank (77.97 points), Infosys (53.32 points), State Bank Of India (53.23 points) and Tata Steel (37.24 points).
However, Bajaj Auto contributed fall of 14.59 points in the Sensex. It was followed by Maruti Suzuki India (8.43 points), Hero Motocorp (7.73 points), Mahindra & Mahindra (4.69 points) and NTPC (0.83 points).
Major gainers in the 30-share index were Tata Steel (5.82%), State Bank Of India (2.72%), Housing Development Finance Corporation (2.40%), Axis Bank (2.11%), and Bajaj Finance (2.03%).
On the other hand, Bajaj Auto (1.89%), Maruti Suzuki India (1.21%), Mahindra & Mahindra (0.46%), and Asian Paints (0.34%) were the major losers in the Sensex.Market breadth was positive with 1,818 advances against 883 declines.
"Nifty index opened gap up and remained consolidative in wider trading range with bulls regaining strength in the market. Buying interest was witnessed across the street and the index concluded the session with gains of around 230 points. The March series started on a negative note due to global cues but recovery is seensteadily on the first day of the March month. It formed a small Bullish candle but an inside Bar or a Harami Cross on daily scale which indicates an absence of direction. Now, it has to continue to hold above 14700 zones to extend its move towards 14900 then 15000 zones while on the downside immediate support exists at 14600 then14500 levels," said Motilal Oswal Financial Services.
