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Sensex Rises Over 150 Points Tracking Cautious Gains In Asian Markets

Gains in banking, financial services and metal stocks pushed the markets higher
Gains in banking, financial services and metal stocks pushed the markets higher

Domestic stock markets started Wednesday's session mildly higher tracking a mostly positive but cautious trend in Asian equities. The S&P BSE Sensex index climbed up as much as 0.42 points - or 153.91 points - to 36,828.43 in the first few minutes of trade, after starting the day up 0.17 per cent at 36,738.38. The broader NSE Nifty 50 benchmark rose to as high as 10,847.85, having opened stronger at 10,818.65 compared to its previous close of 10,799.65. 

Gains in banking, financial services and metal stocks pushed the markets higher, however losses in IT and automobile shares capped the rise.

At 9:55 am, the Sensex traded at 36,734.72, up 60.20 points - or 0.16 per cent - from its previous close, while the Nifty was up 12.00 points - or 0.11 per cent - at 10,811.65.

Analysts awaited key macroeconomic data as well as the first of the quarterly corporate earnings due this week.

IT major Tata Consultancy Services (TCS) will kick off the earnings season by reporting its financial results for the April-June period on Thursday. The next day, official data on industrial production and retail inflation will be released.

Equities in other Asian markets were mostly higher in early trade, as an increase in new COVID-19 cases in some parts of the world cast doubts over the economic recovery, leading some investors to cash in on recent gains ahead of earnings season.

MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.66 per cent higher, while Japan's Nikkei 225 benchmark was down 0.25 per cent.

China's Shanghai Composite and Hong Kong's Hang Seng indices were up 0.74 per cent and 0.34 per cent respectively at the time, but South Korea's KOSPI barometer was down 0.19 per cent.

The E-Mini S&P 500 futures were up 0.21 per cent, indicating a positive start for US markets on Wednesday, a day after Wall Street halted a five-day winning streak which was the longest for the S&P 500 index this year.

Overnight in the US, the Dow Jones Industrial Average ended 1.51 per cent lower, the S&P 500 lost 1.08 per cent, and the technology stocks-heavy Nasdaq Composite dropped 0.86 per cent.