Share markets on Wednesday: The gains on Dalal Street were led by banking, metal and realty stocks.
Domestic stock markets started Wednesday's session on a positive note tracking heavy buying by domestic institutional investors after government said that country's trade deficit had narrowed to a 10-month low.The SP BSE Sensex rose as much as 143.7 points to touch 36,462.03, while Nifty50 barometer of National Stock Exchange surged by 41.35 points to 10,928.15.
The gains on Dalal Street were led by banking, metal and realty stocks.
10 things to know about stock markets today:Heavyweights Reliance Industries, Infosys, ICICI Bank, Axis Bank and IndusInd Bank contributed most to advanceson Sensex.At 10:25 am, 30-share Sensex traded 78.29 points or 0.22 per cent higher at 36,396.62, and Nifty was at 10,908.35, up 21.55 points or 0.20per cent from previous close.Top gainerson 50-scrip index were Zee Entertainment Enterprises, Indiabulls Housing Finance, Grasim Industries, IndusInd Bank and Bharti Infratel, trading between 1.18 and 3.42per cent higher.The Nifty PSU bank index was up 1.11 per cent at that time.According to traders, despite weakness in global markets, investor's mood on Dalal Street was positive on news that declining imports had narrowed trade deficit to ten-month low of $13.08 billion in December 2018 as against $14.2 billion in same month previous year.However, gains were capped as exports grew at slowest pace in three months at 0.34 per cent in December, traders were quoted as saying in news agency Press Trust of India report.
"The recent stock market action is indicative of bull market action, shrugging off bad news and moving higher on good news," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.
"With expectations for a rate cut rising, improving recoveries on bad loans, and rising domestic SIP flows, we expect investors to look past disappointing news flow," he said.Global investor sentiment, on other hand, was cautious on Wednesday after British Prime Minister Theresa May's divorce deal to leave European Union was overwhelmingly rejected by MPs, triggering a no-confidence motion against her government and leaving country with no plans for Brexit on March 29.This is biggest defeat for a sitting British government in history.
MSCI's broadest index of Asia-Pacific shares outside Japan was off a touch, having swung up on Tuesday after Chinese officials came out in force to signal more measures to stabilise a slowing economy.
The rupee, meanwhile,started on a weaker note but soon pared losses and edged higher by 13 paise to 70.92 against dollar in opening trade on Wednesday.On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 159.60 crore Tuesday, and domestic institutional investors (DIIs) were net buyers to tune of Rs 417.44 crore, provisional data available with BSE showed.(With inputs from agencies)