Sensex, Nifty on Wednesday: A strong closing of Wall Street added to the gains.The domestic equity benchmark, the SP BSE Sensex opened at a fresh record high on Wednesday at 36,722.41 as it rallied over 200 points.
However, at 10:37 am, it traded at 36,639.80 level with a gain of 119.84 points or 0.33 per cent.
The broader Nifty50 opened 11,060.20 and traded at 11,050.90, up 42.85 points or 0.39 per cent at the same time.
The top gainers in the Nifty50 index were Indiabulls Housing Finance, UltraTech Cement, Zee Entertainment Enterprises, ONGC and Bharat Petroleum, which gained between 2 to 1 per cent.In early morning trade, PSU banks led the charge on reports that the government is likely to infuse up to Rs 10,000 crore in select lenders.
However, later on as the markets stabilised, 11 PSU banking stocks of the Nifty PSU Bank index traded in the red.
The Nifty Bank index, was however, still 0.23 per cent higher as five among 12 stocks gained.A strong closing of Wall Street added to the gains.Technical analysis suggests a clear uptrend in markets.
"The lower time frame suggests a clear uptrend and bulls are back in action.
We may expect key benchmark index Nifty to trade in a consolidation of 11,200 on higher side and 10,900 on lower side," said Dyaneshwar Padwal, AVP, Technical Analysis, KIFS TradeCapital.In overnight trade, Wall Street stocks rose, with the Dow Jones Industrial Average posting its fourth consecutive session of gains after Federal Reserve Chairman Jerome Powell expressed an optimistic US economic view and solid earnings bolstered the outlook for a robust reporting period.
The Dow Jones Industrial Average rose 55.53 points, or 0.22 per cent, to end at 25,119.89, the SP 500 gained 11.12 points, or 0.40 per cent, to 2,809.55 and the Nasdaq Composite added 49.40 points, or 0.63 per cent, to 7,855.12.Asian shares also followed Wall Street higher.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 per cent and Shanghai blue chips 0.6 per cent.
(With Reuters Inputs)