After a positive opening, the equity benchmarks extended their gains in early trade on Wednesday. At 1040 am, the S&P BSE Sensex traded at 34,671.03, up 371.56 points or 0.70 per cent, and the Nifty50 benchmark of the National Stock Exchange was at 10,423.35, with a gain of 122.30 points or 1.19 per cent. Gaining between 2.11 and 3.01 per cent, Hero MotoCorp, Maruti Suzuki, Vedanta, ICICI Bank and ONGC were the top five Sensex gainers.
Forty three out of 50 Nifty stocks advanced in trade led by gains in pharma, metal, financial, auto, realty and banking stocks. Barring IT shares, all sectoral indices traded in the green.
Technical charts, however, suggest that Nifty may fall. "On a higher time frame chart mainly on weekly Nifty is trading in a clear downtrend. We are of the opinion that Nifty could continue to trade towards south and may find support near 9,950," said Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital.
In terms of stock-specific action, Bandhan Bank and Zee Entertainment Enterprises Limited traded 3.57 per cent and 3.02 per cent higher respectively, ahead of the release of their quarterly earnings.
On Tuesday, the Sensex closed at 34,299.47, down 174.91 points or 0.51 per cent and the Nifty at 10,301.05, with a loss of 47 points or 0.45 per cent. According to provisional data from the NSE, foreign portfolio investors and domestic institutional investors sold and purchased net shares of Rs 1,242.46 crore and Rs 1,526 crore respectively.
Asian shares barely moved on Wednesday after world stocks hit eight-week lows the previous day on worries about global economic growth, although the British pound stayed firm on hopes for a Brexit deal. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, while Japan's Nikkei average fell 0.4 per cent and the Australian benchmark was up just 0.1 per cent, stated a report by news agency Reuters.
(With agency inputs)