Sensex rallies over 170 points in early trade; Nifty tops 14,590

Among Sensex stocks, ONGC was up by 1.33% while Reliance rose by 0.42% in early trade.

Benchmark BSE Sensex rose by over 170 points in early trade on Wednesday as IT, energy and pharma stocks advanced amid gains in global equities on hopes of fresh U.S. stimulus measures.

The 30-share index opened higher at 49,508.79, against the previous close of 49,398.29 and rose further to hit a high of 49,595.64 points in early trade. Of the 30 Sensex stocks, 17 were trading in green led by IT and pharma stocks.

In a similar tandem, the broader NSE Nifty advanced by 52.25 points or 0.36% to 14,573.40 with 26 of its constituents trading in the green territory.

Analysts said Indian stocks took cues from global equities which rose to record highs after US Treasury Secretary nominee Janet Yellen called for a hefty fiscal relief package to help the economy hit by the COVID-19 crisis.

Among Sensex stocks, ONGC was up by 1.33% while Reliance rose by 0.42% in early trade.

Leading IT stocks also advanced in morning trade on hopes of fresh U.S. stimulus measures. HCL Tech rose by 1.15%, Tech Mahindra by 1.14%, TCS by 0.85% and Infosys by 0.74%.

FMCG stocks were down with HUL dropping by 0.48% and ITC by 0.39%. HDFC Bank, IndusInd Bank, and Bharti Airtel were also down in early trade.

FIIs were net purchasers of Indian equities on Tuesday, putting in ₹ 257.55 crore on a net basis while domestic investors sold shares worth ₹ 199 crore on a net basis.

Asian shares were trading mostly higher on Wednesday, ahead of Joe Biden’s inauguration as U.S. president. Australia’s S&P/ASX 200 rose by 0.6% while South Korea’s Kospi gained 0.5% and Hong Kong’s Hang Seng by 0.9%. The Shanghai Composite rose by 0.4%.

Japan’s benchmark Nikkei 225, however, lost 0.4% due to worries about the surge in coronavirus cases.

On Wall Street, the S&P 500 rose 0.8%, the Dow Jones Industrial Average added 0.4% and the Nasdaq composite gained 1.5%.

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