Domestic stock markets started Wednesday's session on a higher note, amid gains in Asian peers.
The S-P BSE Sensex index rose as much as 154.16 points to touch 38,660.25 on the upside in early trade, and the broader NSE Nifty benchmark climbed to as high as 11,468.55, up 40.25 points from its previous close.
Gains in energy and financial sectors supported the markets however losses in metal and consumer goods shares limited the upside.
At 9:20 am, the Sensex traded 105.00 points - or 0.27 per cent - higher at 38,611.09, whilethe Nifty was up 37.60 points - or 0.33 per cent - at 11,465.90.
Tp percentage gainers on the 50-scrip index at the time were Bharat Petroleum, Wipro, Grasim, UltraTech Cement and Dr Reddy's , trading between 1.50 per cent and 2.77 per cent higher.
Reliance Industries, HDFC Bank, Bajaj Finance and TCS contributed the most to the gain in Sensex.Nifty Can Go Up To 11,500 In Near Term: Market Expert The Nifty can go up to 11,500 levels in the near term, Pradip Hotchandani of Prudent Broking Services told TheIndianSubcontinent.
If the 11,500 level is taken out, the next resistance will be at 11,650 for the index, he said.
The Bank Nifty faced resistance at 28,860, and once that is taken out, the index can surge to 29,700 levels, he added.The NSE's Bank Nifty index comprises shars of 12 major lenders in the country.Rupee Edges Lower To 71.70 Against US Dollar (INR Vs USD)The rupee declined by as much as 16 paise against the US dollar to 71.70, moving lower for a second consecutive session.The rupee was last seen trading 15 paise - or 0.21 per cent - lower at 71.69 against the greenback in morning.Trade Deficit Narrows To Lowest In Seven MonthsIndia's trade deficit- the shortfall in exports against imports - narrowed to a seven-month low of $10.86 billion in September, government data showed on Tuesday.Exports contracted 6.57 per cent to $26 billion, declining for a second straight month, and imports fell 13.85 per cent to $36.89 billion, the official data showed.Gains In Most Sectors Support MarketsTen out of the 11 sectoral indices on the National Stock Exchange moved higher.NSE Sectoral WatchIndexChangeNifty Media+1.59%Nifty Realty+1.56%Nifty PSU Bank+1.11%Nifty Financial Service+0.83%Nifty Bank+0.65%Nifty Private Bank+0.65%Nifty IT+0.27%Nifty Pharma+0.21%Nifty Metal+0.20%Nifty Auto+0.13%Nifty Fast Moving Consumer Goods-0.05%Market Breadth Favours GainsMarked breadth - or the comparison of the number of rising shares with those declining - favoured gains, with 765 stocks rising on the National Stock Exchange (NSE), 435 moving lower and 64 remaining unchanged.On the Bombay Stock Exchange (BSE), 956 stocks advanced, 558 declined while 566 were flat in the first few minutes of trade.Sensex Opens 131 Points Higher At 38,637, Nifty Starts Day At 11,465The S-P BSE Sensex index opened 130.96 points higher at 38,637.05, and the broader NSE Nifty benchmark started the session at 11,464.95, up 36.65points from its previous close.On Tuesday, the Sensex had risen 291.62 points - or 0.76 per cent - to end at 38,506.09, and the Nifty gained 87.15 points - or 0.77 per cent - to settle at 11,428.30, with both benchmark indices finishing higher for a third session in a row.Wipro Shares To Be In Focus TodayWipro shares will be in focus in today's session, a day after the IT major reported a 6.91 per cent sequential rise innet profit to Rs 2,552.7 crorein the quarter ended September 30.
In a regulatory filing after market hours on Tuesday, Wipro said its revenue stood at Rs.
15,125.6 crore in the July-September period, marking a rise of 2.78 per cent compared with the corresponding period a year ago.Sensex, Nifty Rise In Pre-Open MarketThe S-P BSE Sensex rose as much as 179.86 points to touch 38,685.95 in the pre-opening session.
At 9:07 am, the Sensex was up 132.39 points - or 0.34 per cent - at 38,638.48 while the broader NSE Nifty benchmark was up 40.35 points - or 0.35 per cent - at at 11,468.65.IMF Cuts India's Growth ForecastThe International Monetary Fund (IMF) lowered its forecast for GDP growth in India to 6.1 per cent in 2019 and 7 per cent in 2020.
However, the country still retained its rank as the world's fastest-growing major economy, tying with China, according to the IMF.In its previous outlook released in July, it had projected a 7 per cent growth rate for India.Asian Share Markets Move HigherEquities in other Asian markets inched higher while sterling came off five-month highs in volatile trade on Wednesday as investors looked to whether Britain can secure a deal to avoid a disorderly exit from the European Union.MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent while Japan's Nikkei jumped 1.5 per cent, hitting 10-month highs.SGX Nifty Futures Indicate Higher Opening For Domestic MarketsDomestic stock markets are likely to open higher today amid gains in Asian peers.
At 8:46 am, the Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty index in India - were up 33.50 points (or 0.29 per cent) at11,468.50.