Sensex jumps 1,200 points as Nifty50 opens higher
Indian stock markets opened with significant gains on Wednesday as cooling crude oil prices and foreign investor buying supported the rally.
Indian benchmark indices opened strongly on Wednesday, with the BSE Sensex jumping over 1,200 points and the NSE Nifty50 adding 1 per cent. According to The Times of India, the Sensex saw a sharp rise, while Moneycontrol reported that Nifty50 opened above the 25,300 level.
The market momentum was supported by cooling crude oil prices and heavy buying by foreign portfolio investors, according to BusinessLine. The Gift Nifty had indicated a gap up opening of over 300 points earlier.
Several individual stocks reached new milestones during the morning trade. Moneycontrol reported that UNO Minda, Billionbrains Garage Ventures, and Aurobindo Pharma hit all-time highs, while Kalyan Jewellers India and GAIL India touched 52-week highs.
In the banking sector, Nifty Bank gained during the morning session. Moneycontrol noted that Axis Bank and SBI Life Insurance Company shares rose over 2 per cent, while ICICI Bank and Kotak Mahindra Bank hit new 52-week highs.
In corporate earnings, Kalyan Jewellers reported a 63.9 per cent surge in Q2 consolidated profit, while Avanti Feeds saw its Q2 consolidated profit sink by 55 per cent, according to Moneycontrol.