Sensex Opens Above 51,400 Led By IT Stocks And Positive Global Cues
The bull-run continues for the third straight day in the Dalal-Street as indices portrayed a gap-up opening on Wednesday, March 10. Positive global markets lifted the sentiment as U.S markets closed with massive gains overnight due to rally in technology stocks. The Singaporean SGX Nifty also indicated a gap-up opening for the Indian markets.
Sensex opened higher by 399 points or 0.78 per cent at 51,424.01, and Nifty-50 added 117 points or 0.78 per cent to 15215.50. In the pre-opening session, Sensex was up nearly 400 points and Nifty was trading above 15,200. Sensex was trading higher with the back of 28 shares with gains out of 30, and Nifty-50 had 48 advances out of 50. Overall, around 1128 shares added gains and 243 shares slipped.
Technology stocks shined at market opening, leading the sector to gain over one per cent in the early trade. Heavy buying in technology stocks in the U.S markets is quite the reason that lifted the IT stocks in the Indian equities, say experts. Shares of COFORGE LTD zoomed over five per cent, L&T Infotech gained over three per cent, and Wipro gained over 1.5 per cent.
Shares of IndusInd Bank gained over three per cent in the early trade and contributed the most to the index. The stock marked its day high of Rs 1,060.00 against its previous close of Rs 1,024.80. The Nifty bank index added nearly 200 points and bounced back above 36000 in the morning trade.
On the sectoral front, all sectors were trading with gains at market opening with Auto and IT sector bagging top positions as they gained over a per cent each. The Auto sector witnessed buying on Wednesday after a long sell-off in the previous sessions. Eicher Motors, TVS Motor and M&M were top news makers from the auto sector.
The broader markets were on the rising streak backed by positive momentum in the key indices, BSE Midcap gained 0.75 per cent and Smallcap gained 0.55 per cent. Shriram Transport Finance and L&T Infotech were top Midcap gainers.
Market experts mentioned that the foreign inflows are largely impacting the Indian equities and the rally can be sustainable in the near future as inflows are now rising sharply as investors witness growth opportunities in the Indian markets. On Tuesday, March 9, the foreign investors bought shares worth Rs 2,801.87 in the Indian equities, as per data available on NSE.
Global Markets: The U.S markets posted their highest gains since November 2020 as bond yields calmed and technology stocks gained. The Nasdaq gained four per cent and closed at 13,073.83, and Dow Jones gained 0.10 per cent to 31,832.74.
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