Asian stocks set for cautious gains after choppy Wall Street session

Domestic markets opened positive on Wednesday tracking positive global cues and upbeat financial stocks.

BSE Sensex was trading over 200 points in early trade while NSE Nifty managed to reclaim 10,500 points after the fresh rally in financial stocks boosted market sentiments.

Some of the top gainers today are Asian Paints, ITC, Hero MotoCorp, Tata Motors, Titan, Bajaj Auto, Bajaj Finance and L&T. On the other hand, some of the top laggards were IndusInd Bank, PowerGrid, HCL Tech, BPCL, ICICI Bank and Infosys.

It may be noted that Bank of Baroda (BoB) shares sharply jumped by over 7 per cent after a day after it announced positive earnings results. An uptick in Reliance shares also boosted sentiments.

All Nifty sectoral indices expect Nifty Private Bank were trading in green.

Investors in India also got a favourable boost from reports that India and Chinese military commanders have agreed to step back after a deadly border clash earlier this month.

Meanwhile, global markets seem to be recovering as well.

News agency Reuters reported that Asian shares crept to a four-month high on Wednesday as investors remained upbeat despite rising cases, even as coronavirus cases continued to rise in some parts of the world.

However, the trend may not be similar in India as strict restrictions have been imposed in several areas with high number of cases. Businesses located in such areas have again been forced to shutdown.

In India, nearly 16,000 cases were recorded along with 465 deaths in the past 24 hours, making it the highest single-day jump in both figures.