Indian markets opened higher on Wednesday, in line with the recovery seen in global equities. The BSE Sensex rose over 500 points while the Nifty regained the 9,100 mark. As of 9:25 am, markets were off opening lows, the Sensex was up 48 points at 30,626.82 while the Nifty traded19.80 points or 0.22% higher at 8,986.85.
Yes Bank continued to witness buying, it was up nearly 30% at Rs 75.10 apiece to be the top gainer in the Nifty50 pack of stocks. Zee Entertainment, Sun Pharma, Vedanta, Infosys, Wipro, Bharti Airtel, HCL Tech, Coal India were the other prominent gainers in the Nifty, rising between 1.34%-7.09%.
Meanwhile, banking stocks continued to remain under pressure. Axis Bank was the top loser in the Nifty, down 4.21% followed by ICICI Bank and Kotak Mahindra Bank which were down 2.62% and 2.47% respectively. Gail, Nestle, Grasim, IndusInd Bank, Dr Reddys' Lab were the other prominent losers in the index.
On Tuesday, the BSE Sensex closed at 30,579.09, 810.98 points or 2.58% lower and the Nifty, settled 230.35 points or 2.50% lower at 8,967.05, below the 9,000-mark for the first time since March 2017, which, according to analysts, has opened scope for another 5% fall in the near term.
Other Asian shares were also off their day's high. Japan's Nikkei was up 1.12%, Straight Times rose 2.50% while Hong Kong's Hang Seng edged higher by 0.08%. Taiwan Weighted, Kospi and Jakarta Composite traded flat to negative. Overnight, US indices ended higher in a see-saw trade. Dow Jones advanced 5.20%, S&P gained 5.99% while Nasdaq settled 6.23% higher.
The US central bank launched a programme to purchase short-term corporate debt directly from the companies that offer it. This move, which was launched earlier in 2008, is aimed at reducing the growing strain in the corporate debt market. US markets cheered the move.
The rupee fell 5 paise against the US dollar to trade at 74.28 amid exodus of foreign funds. They sold stocks worth Rs 4,044 crore in the cash market on Tuesday.