Indian equity market opened on a higher note on Wednesday on the back of strong global cues. Investor sentiments were up as U.S. consumer prices rose less than expected in November, indicating that the US Federal Reserve may slow the pace of rate increases.
In the domestic equity market, the 30-share BSE Sensex was trading 238.75 points or 0.38 per cent higher at 62,772.05. The broader NSE Nifty rose 59.40 points or 0.32 per cent to 18,667.40.
On the 30-share Sensex platform, NPTC, Tech Mahindra, PowerGrid, Wipro, LT, and SBI were among the major gainers. Bharati Airtel, Nestle India, Mahindra & Mahindra, HUL, and Reliance were among the losers.
In the broader market, Nifty MidCap 100 and Nifty SmallCap 100 indices rose up to 0.5 per cent.
All sectors started trade on a positive note. Nifty Media, Nifty Metal, Nifty PSU Bank indices gained the most – up to 0.8 per cent.
On Tuesday, Markets ended high with Sensex gaining 403 points to close at 62,533, while Nifty gained 111 points to end at 18,608.
Elsewhere in Asian markets, MSCI Asia ex Japan jumped 0.79 per cent. Overnight, Wall Street closed higher after data showed consumer price index in November rose 0.1 per cent, after advancing 0.4 per cent in October.
Meanwhile, the rupee on Wednesday slipped 4 paise to 82.64 against the US dollar in early trade. It closed down by 9 paise at 82.60 against the US dollar on Tuesday, weighing down firm crude oil prices and inflation concerns.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.11 per cent to 104.09.
Brent crude futures, the global oil benchmark, fell 0.33 per cent to $80.41 per barrel.
Foreign Institutional Investors (FIIs) turned net buyers in capital markets on Tuesday as they bought shares worth Rs 619.92 crore, according to exchange data.