Sensex Gains Over 100 Points; Tata Steel In Focus Post Q3 Results

Ultra Tech Cement, HDFC Life and SBI Life gained around 1 per cent each on the BSE
Ultra Tech Cement, HDFC Life and SBI Life gained around 1 per cent each on the BSE

The domestic stock markets have opened higher in line with positive cues from Asian markets and early indications from SGX Nifty futures trading. At 9:18 am, the BSE Sensex was trading at 51,459, higher by 148.55 points or 0.31 per cent and the NSE Nifty was at 15,163.55, up 54.35 points or 0.35 per cent. The BSE Midcap index and BSE Smallcap indices were trading higher by 0.53 per cent and 0.39 per cent respectively.

On the global front, Asian stocks inched higher on Wednesday, as upbeat Wall Street earnings and optimism about a global recovery supported sentiment, although concerns about the sustainability of a recent risk rally are likely to cap gains.

The Australian S&P/ASX 200 Index was last up 0.5 per cent and e-mini futures for the S&P 500 rose 0.14 per cent. Japan's Nikkei 225 slipped 0.31 per cent.

Overnight, MSCI's gauge of global stocks and the Nasdaq extended their runs to fresh highs on Tuesday, and oil prices pushed their rally into a seventh straight session as strong earnings and economic recovery prospects buoyed investor sentiment.

The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors.

The Nasdaq Composite added 20.06 points, or 0.14 per cent to 14,007.70. But the Dow Jones Industrial Average fell 9.93 points, or 0.03 per cent, to 31,375.83 and the S&P 500 lost 4.36 points, or 0.11 per cent, to 3,911.23

On the stock-specific front, Tata Steel gained nearly 2 per cent on the BSE after the steel major posted a net profit of Rs 3,989 crore in the third quarter of the current financial year as compared to a net loss of Rs 1,228.53 crore in the year-ago period. Ultra Tech Cement, HDFC Life and SBI Life gained around 1 per cent each.

On the other hand, Adani Ports, Axis Bank, Infosys and Tech Mahindra lost 1-2 per cent each on the BSE. 

The BSE market breadth is strong. Out of 2,037 stocks traded on the BSE, there are 1069 advancing stocks as against 873 declines.