Mumbai, May 6: The Indian stock market opened higher on Wednesday, buoyed by strong global signals. At 9:18 AM, the Sensex rose by 440 points or 0.57%, reaching 77,458, while the Nifty gained 142 points or 0.59%, standing at 24,175.
Banking stocks led the market’s upward trend in early trading. The Nifty Bank index surged by 707 points or 1.30%, reaching 55,254.
Among the indices, Nifty PSU Bank, Nifty Auto, Nifty IT, Nifty Financial Services, Nifty Metal, Nifty Services, and Nifty Consumption were the gainers. However, Nifty FMCG and Nifty Energy were in the red.
Both mid-cap and small-cap stocks also saw gains alongside large-cap stocks. The Nifty Midcap 100 index rose by 558 points or 0.94%, reaching 60,832, while the Nifty Smallcap 100 index increased by 157 points or 0.86%, standing at 18,339.
In the Sensex pack, notable gainers included M&M, Indigo, Bajaj Finance, Trent, Tech Mahindra, SBI, Eternal, Bajaj Finserv, TCS, Tata Steel, Axis Bank, Maruti Suzuki, BEL, Infosys, Adani Ports, and HCL Tech. Conversely, L&T, HUL, Power Grid, ITC, and NTPC were among the losers.
Most Asian markets opened positively, with Shanghai, Hong Kong, Bangkok, Seoul, and Jakarta all in the green. The US stock market had closed in positive territory on Tuesday.
The rise in global markets, including India, is attributed to the US halting its ‘Freedom Project’, indicating a reduction in tensions with Iran.
Trump mentioned that Pakistan had requested to halt this operation, and discussions regarding an agreement with Iran have progressed, leading to this decision.
Foreign Institutional Investors (FIIs) sold equities worth ₹3,621.58 crore on Tuesday, while Domestic Institutional Investors (DIIs) invested ₹2,602.62 crore in equities.
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ABS
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