Indian stock indexes edged up Wednesday thanks to gains from Asian Paints, Reliance Industries, Infosys, HDFC, TCS and Sun Pharma. However, the rise was limited due to weakness in Axis Bank, HDFC Bank, Bajaj Finance and Reliance Industries. The Sensex rose 210 points and the Nifty 50 Index hit an intraday high of 18,331.30. Meanwhile, other Asian markets were trading lower with Japanese Nikkei down 0.55%, Hong Kong Hang Seng index down 1.46%, South Korea’s KOSPI down 0 , 76% and the Shanghai Composite Index down 0.7%.
At 9:27 a.m., the Sensex was up 24 points to 61,374 and the Nifty 50 Index was up 12 points to 18,280.
Overnight, stock markets advanced globally on Tuesday as bullish corporate earnings boosted investor appetite for riskier investments, while gold prices fell nearly 1 %.
On Wall Street, Facebook Inc has been the biggest drag on the S&P 500 and the Nasdaq, after the company warned that Apple Inc’s new privacy changes would weigh on its digital business.
The Dow Jones Industrial Average rose 0.04% to 35,756.88; the S&P 500 gained 0.18% to 4,574.79; and Nasdaq Composite added 0.06% to 15,235.72.
Back home, nine of the 15 sector indicators compiled by the National Stock Exchange were trading higher, led by the 1.2 percent gain in the Nifty PSU Bank Index. The Nifty Pharma, FMCG, Healthcare, Consumer Durables, IT and Oil & Gas indices also increased by 0.2 to 0.8%.
In contrast, the Nifty Bank, Financial Services, Media, Metal and Private Bank indices were trading lower.
Small and mid-cap stocks also attracted buying interest, with the Nifty Midcap 100 index increasing 0.52% and the Nifty Smallcap 100 index increasing 0.7%.
Asian Paints was Nifty’s top winner, the stock rose more than 5% to Rs 3,126 State Bank of India, UPL, SBI Life, Divi’s Labs, HDFC Life, ICICI Bank, ITC, Shree Cements and Nestlé India also increased from 0.9 to 1.8%.
On the flip side, Axis Bank was Nifty’s best loser, the stock fell nearly 4% to Rs 810 despite announcing its highest quarterly profit ever at Rs 3,133 crore on a daily basis. stand-alone, up from Rs 1,682.67 crore in the corresponding period last year, marking an 86 percent year-over-year growth.
Bajaj Finance fell 3.32 percent to Rs 7,595 after the September quarter results. Tata Motors, Hindalco, ONGC, Tech Mahindra, Tata Steel, Bajaj Finserv, Coal India, JSW Steel, HDFC Bank and Power Grid were also among the laggards.
The overall scale of the market was positive as 1,882 stocks rose while 817 fell in BSE.