Sensex Rises Over 250 Points. Tech Mahindra Top Gainer, Followed By L&T, NTPC, SBI, Others

Equity benchmark Sensex jumped over 250 points in early trade on Wednesday led by gains in index majors Reliance Industries, L&T and Infosys amid a positive trend in US markets ahead of the US Fed’s policy outcome.

The 30-share index was trading 282.15 points or 0.47 per cent higher at 60,311.21 in initial deals. Similarly, the Nifty rose 84.20 points or 0.47 per cent to 17,973.15.

Top gainers:

Tech Mahindra was the top gainer in the Sensex pack, rising around 2 per cent, followed by L&T, NTPC, Bajaj Finance, SBI and UltraTech Cement.

Top losers:

On the other hand, Sun Pharma, Titan, Asian Paints, HDFC Bank and HUL were the laggards.

In the previous session, the 30-share index ended 109.40 points or 0.18 per cent lower at 60,029.06, and Nifty fell by 40.70 points or 0.23 per cent to 17,888.95.

Foreign institutional investors (FIIs) turned net buyers in the capital market, as they purchased shares worth Rs 244.87 crore on Tuesday, as per exchange data.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were trading with losses in mid-session deals, while the Tokyo stock exchange was closed on Wednesday.

Stock exchanges in the US ended with gains in the overnight session ahead of the Federal Reserve's policy outcome, scheduled for tonight.

Meanwhile, international oil benchmark Brent crude fell 1.24 per cent to $83.67 per barrel.

Commenting on the market, Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One, said traders are advised not to trade aggressively in the index, and in case of a recovery towards the mentioned resistance zone of 18000 – 18100, one should lighten up existing longs. Also, all eyes would be on Nifty Bank, because if Nifty has to reclaim these levels, it needs to continue its upwards trajectory with some intent.