The Indian benchmark indices opened over 400 points up on Wednesday amid positive global cues, as buying was seen in the IT, auto and pharma sectors in the early trade.
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MUMBAI — The Indian benchmark indices opened over 400 points up on Wednesday amid positive global cues, as buying was seen in the IT, auto and pharma sectors in the early trade.
At around 9.25 am, Sensex was trading 445.6 points or 0.54 per cent up at 82,500.73 while the Nifty added 130.15 point or 0.52 per cent at 25,174.50
According to analysts, a significant feature of the recent market trend has been its resilience despite major challenges like the West Asian crisis.
"Even during the short India-Pakistan conflict, the market has been resilient. A significant contributor to this resilience has been FII buying during the crisis," said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Nifty Bank was up 31.25 points or 0.06 per cent at 56,493.15. The Nifty Midcap 100 index was trading at 58,867.80 after adding 245.40 points or 0.42 per cent. Nifty Smallcap 100 index was at 18,617.85 after climbing 165.10 points or 0.89 per cent.
Meanwhile, in the Sensex pack, Titan, UltraTech Cement, Trent, HCL Tech, Adani Ports, Tech Mahindra, Tata Steel, PowerGrid, Hindustan Unilever Limited and L&T were the top gainers. Kotak Mahindra Bank, ICICI Bank, BEL, and Axis Bank were the top losers.
Interestingly, foreign institutional investors (FIIs) have been selling as the Mideast crisis blows over. On the other hand, domestic institutional investors (DIIs) have been sustained buyers in the market, thanks to the continuing inflows into mutual funds, said experts.
This will impart resilience to the market even when FIIs sell on valuation concerns, they added.
FIIs were net sellers on June 24, selling equities worth INR 5,266.01 crore. Meanwhile, DIIs remained buyers, purchasing equities worth INR 5,209.60 crore.
In the Asian markets, Japan, China, Seoul and Hong Kong were trading in green. Whereas Bangkok and Jakarta were trading in red.
In the last trading session, Dow Jones in the US closed at 42,581.78, up 507.24 points, or 1.19 per cent. The S&P 500 ended with a gain of 67.01 points, or 1.11 per cent, at 6,025.17 and the Nasdaq closed at 19,630.97, up 281.56 points, or 1.43 per cent.