Sensex, Nifty Edge Higher Led By Gains In IT, Pharma Shares

The Indian equity benchmarks edged higher on Wednesday mirroring a rebound in other Asian markets. The Sensex rose as much as 488 points and Nifty 50 index touched an intraday high 16,145. Asian stocks rebounded Wednesday after Wall Street declined and China reported inflation edged higher.

As of 9:47 am, the Sensex was up 456 points at 53,880 and Nifty 50 index advanced 118 points to 16,131.

Already high oil prices rose further, adding more than $2 per barrel following President Joe Biden’s ban on imports of Russian crude.

Stock benchmarks in Shanghai, Tokyo and Sydney rose while Hong Kong declined. South Korean markets were closed for a presidential election.

Wall Street’s benchmark S&P 500 index sank 0.7% amid enduring unease over the impact of Russian President Vladimir Putin’s attack on Ukraine.

Asian markets “seem to be taking a breather” from their sell-off, but Wall Street’s retreat “may drive some wait-and-see as geopolitical risks show no signs of easing,” Yeap Jun Rong of IG said in a report.

Back home, eleven of 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Media index's over 2 per cent gain. Nifty IT, FMCG, Pharma, Healthcare, Auto and Oil & Gas indices also rose between 0.6-1 per cent.

On the other hand, Nifty Bank, Financial Services, Metal and Private Bank indices were among the losers.

Broader markets were also witnessing buying interest as Nifty Midcap 100 index rose 0.72 per cent and Nifty Smallcap 100 index advanced 1.34 per cent.

Tech Mahindra was top Nifty gainer, the stock rose 2.5 per cent to Rs 1,499. Sun Pharma, Adani Ports, Infosys, Hindustan Unilever, Reliance Industries, Dr Reddy's Labs, HCL Technologies, Maruti Suzuki, IndusInd Bank and Divi's Labs also rose between 1-2.4 per cent.

On the flipside, Power Grid, Shree Cements, JSW Steel, Coal India, Asian Paints, Tata Steel, Kotak Mahindra Bank, NTPC, Axis Bank and Indian Oil were among the losers.

The overall market breadth was extremely positive as 2,245 shares were advancing while 539 were declining on the BSE.