Opening bell: Benchmark indices of India stocks opened higher on Wednesday on positive global signals as optimism over the coronavirus vaccine boosted investor sentiment. At 9:15 am, the Sensex opened 0.62 percent, or 282.53 points, up at 45,891.04, while the Nifty50 index opened at 13,458.10, up 65.15 points or 0.49. percent.
The broader markets supported gains in the market with Nifty Smallcap100 and Nifty Midcap100 indices rising 0.7 percent each.
All sectors were listed in green led by Nifty PSU Bank, Nifty Metal, Nifty FMCG, Nifty Realty and Nifty Financial Services.
Among industry indices, the Nifty Metal Index posted the biggest gains, trading 2.49 percent higher. Nifty Auto posted the smallest gain compared to its peers, trading 0.65 percent higher in the morning session.
UPL, ITC, IndusInd Bank, ONGC and SBI Life Insurance were the top winners from Nifty50, while UltraTech Cement, Eicher Motor, Cipla, Shree Cement and Maruti Suzuki were the top losers from the index.
Click here To read 10 things to know before today’s opening bell.
The government could exceed the fiscal year 21 budget target for expenditures: Center will incur more spending than it had budgeted on February 1 for the 2020-21 fiscal year, sources told CNBC-TV18. They said that the quarterly data has likely been misread and past spending trends cannot be applied to government spending this year.
Sources also indicate that the normal spending restrictions that take effect in the last quarter of each fiscal year will not apply this year, as ministries still have time to spend in the next 3 months.
“The expenses will exceed the budget estimate,” they said. The government had estimated fiscal year 21 spending at Rs 30.42 lakh crore and 55 percent of this had been used up by the end of October, compared to more than 59 percent spent in the corresponding period last year. Read more here
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This is how the markets fared yesterday!
Indian benchmark stock indices Sensex and Nifty closed higher on Tuesday led by strong gains in TI heavyweight stocks and PSU banks amid mixed global signals.
The Sensex closed 181.54 points or 0.40 percent more at 45,608.51, while the Nifty gained 37.20 points or 0.28 percent to close at 13,392.95.
The broader indices underperformed as Nifty Smallcap100 and Nifty Midcap100, finished unchanged. Nifty Bank advanced 50 points to 30,262.
Among sectors, Nifty PSU Bank rebounded most followed by Nifty IT and Nifty Realty. However, sales were witnessed at Nifty Metal, Nifty Pharma and Nifty Private Bank. Read more here
Welcome to our Market Live blog!
Hi, I’m Mousumi Paul from the CNBC-TV18 desktop team. I’ll take you through all the updates during the day, so stay tuned!
For starters, the Indian market is expected to open higher on Wednesday on positive global signals, as the start of the launch of the coronavirus vaccine in the UK fueled optimism among investors. As of 7:00 am, the SGX Nifty was trading 36.00 points or 0.27 percent higher at 13,451.50, indicating a positive start for Sensex and Nifty50.
