Domestic stock markets moved higher after opening on a mixed note on Wednesday tracking gains in Asian peers, despite the International Monetary Fund cutting its growth forecast for India citing a weaker-than-expected outlook for domestic demand. The S&P BSE Sensex benchmark rose as much as 118.4 points to touch 38,101.14 in early trade, and the NSE Nifty benchmark moved to 11,359.75, up 28.7 points from the previous close. Gains in financial shares supported the markets however weakness in energy counters kept the upside in check.
At 9:21 am, the Sensex traded 105.92 points – or 0.28 points – higher at 38,088.66 while the Nifty was up 23.60 points – or 0.21 per cent – at 11,354.65.
Top percentage gainers on the 50-scrip index were Yes Bank, HDFC, Zee Entertainment, Power Grid, Indiabulls Housing Finance and Hero MotoCorp, trading between 0.69 per cent and 2.26 per cent higher.
HDFC, HDFC Bank and Hindustan Unilever were the top drags on the Sensex.
Meanwhile, equities in other Asian markets gave a guarded welcome to hints of progress in the US-China trade saga, with MSCI’s broadest index of Asia-Pacific shares outside Japan gaining 0.4 per cent and Chinese blue chips climbing 1.2 per cent.
Japan’s Nikkei added 0.5 per cent, while Australian stocks rose 0.8 per cent to all-time highs.
Nasdaq futures fell 0.2 per cent in Asian trade, while E-Mini futures for the S&P 500 eased 0.1 per cent.
Overnight on Wall Street, the Dow Jones industrial average, the S&P 500 and the Nasdaq ended 0.65 per cent, 0.68 per cent and 0.58 per cent higher respectively.
The Sensex and Nifty had closed 0.13 per cent lower each on Tuesday, extending their losses to a fourth straight session to settle at the lowest levels recorded since mid-May.