Punjab Newsline | New Delhi
Indian stock markets opened on a strong note on Wednesday, with benchmark indices Sensex and Nifty posting significant gains amid optimism over a possible India-US trade agreement.
The BSE Sensex surged 665.10 points to reach 74,518, while the NSE Nifty 50 climbed 188.40 points to 23,077.35, crossing the crucial 23,000 mark during early trading.
The Indian rupee also strengthened by 18 paise against the US dollar to trade at 94.73 in early deals.
Among the major gainers, UltraTech Cement and ICICI Bank shares rose by up to 2 per cent, supporting the positive market sentiment.
The rally comes after the Nifty 50 declined 257 points, or 1.11 per cent, to close at 22,889 in the previous trading session on Monday.
Market sentiment improved on expectations of progress in India-US trade negotiations. However, elevated crude oil prices and US bond yields are expected to remain potential headwinds for equities.
Brent crude was trading at $110.34 per barrel, up 1.43 per cent, adding to concerns over inflation and India's import bill.
In the US futures market, Dow Jones futures edged up 0.05 per cent, while S&P 500 futures gained 0.28 per cent. Nasdaq futures, however, declined 0.02 per cent, reflecting mixed global market cues.
Meanwhile, the much-awaited Jio Platforms IPO opened for subscription on Wednesday, October 21, offering another key development for investors to track. Market participants are also keeping a close watch on the ongoing second-quarter earnings season for further cues on market direction.
