Indian equity benchmarks traded higher in early trade on Wednesday, led by gains across sectors. The BSE Sensex pack of 30 shares rose 319 points or 0.48 per cent to trade at 66,493, while the NSE Nifty rose 104 points or 0.52 per cent to trade at 19,994. Broad market stocks (midcap and smallcap) were positive as Nifty Midcap 100 rose 0.72 per cent and smallcaps gained 0.41 per cent.
On the global front, Asian markets were trading with mixed results. Overnight, Wall Street stocks rose after US Federal Reserve Governor Christopher Waller signaled the possibility of cutting interest rates in the coming months if inflation continued to decline.
At home, foreign institutional investors (FIIs) bought shares worth Rs 784 crore during the previous session on a net basis and domestic institutional investors (DIIs) bought shares worth Rs 1,325 crore.
Today, all 15 sector indicators, compiled by the National Stock Exchange, were trading in green. The Nifty IT and Nifty Oil & Gas sub-indices outperformed the NSE platform by rising as much as 1.25 per cent and 0.69 per cent, respectively.
On the stock-specific front, Tech Mahindra was the biggest gainer in the Nifty pack as the stock jumped 2.54 per cent to trade at Rs 1,232.9. Wipro, LTI Mindtree, Bharti Airtel and HCL Tech gained up to 1.88 per cent.
On the contrary, Coal India, BPCL, PowerGrid, ONGC and NTPC were among the laggards.
The overall market breadth was positive: 1,984 stocks rose while 879 fell on BSE.
In the 30-share BSE index, index heavyweights like HDFC Bank, Reliance Industries, Infosys and TCS were among the biggest gainers.
Additionally, Adani Total Gas, Torrent Pharma, Aster DM Healthcare, Adani Energy Solutions and IFCI rose as much as 17.10 per cent. On the other hand, Texmaco Rail, Gateway Distriparks, Aether Industries and Raymond fell as much as 6.42 percent.
Ingenious perspective
"Nifty has moved closer to the targets of 19,960-20,100. The bearish marker may rise up to 19,875, the breakout point of the ascending triangle. In case of reversals beyond the same, the prospects of 19,591, the 50-DMA look very low., with 19,800/19,750 looking firm enough to provide support," said Anand James, chief market strategist at Geojit Financial Services.
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