Sensex and Nifty, the two key equity benchmarks, on Wednesday opened higher on a positive note amid buying in banking counters and a firm trend in global markets.
The BSE Sensex climbed 361 points to 61,780 in early trade. The broader NSE Nifty gained 81.2 points to 18,325.40. However, later both the indices erased some of the gains.
At 10.30 am, the Sensex was trading at 61,494, up 75 points, while the broader NSE Nifty was up 21 points to 18,265.
On the 30-share Sensex platform, State Bank of India, Titan, Kotak Mahindra Bank, Dr Reddy’s, Wipro, Bajaj Finserv, Maruti, HDFC, and HDFC Bank were among the major winners. On the flip side, ITC, UltraTech Cement, Hindustan Unilever, and Power Grid were among the laggards.
In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 gained up to 0.5 per cent.
Volatility index, India VIX, meanwhile, slipped over 9 per cent.
Barring Nifty PSU Bank index, all sectors started trade in a positive territory. Nifty Auto, Nifty Metal, and Nifty Media indices gained the most – up to 0.8 per cent.
Elsewhere in Asia, markets in Seoul and Hong Kong were trading higher, while Shanghai quoted lower. Wall Street had ended higher on Tuesday.
In the previous session on Tuesday, the BSE benchmark climbed 274 points (0.45 per cent) to settle at 61,419, the Nifty gained 84 points (0.46 per cent) to end at 18,244.
International oil benchmark Brent crude was trading 0.03 per cent lower at $88.32 per barrel.
Foreign Institutional Investors (FIIs) offloaded shares worth Rs 697.83 crore on Tuesday, as per exchange data.
Meanwhile, the rupee depreciated 14 paise to 81.81 against the US dollar in early trade on Wednesday, tracking a strong American currency and sustained foreign fund outflows.
At the interbank foreign exchange, the domestic unit opened at 81.81 against the dollar, registering a loss of 14 paise over its previous close. On Tuesday, the rupee appreciated by 12 paise to close at 81.67 against the dollar.