At around 9:35 am, BSE Sensex was trading higher by 270 points or 0.84 per cent at 32,385.32 points, while NSE Nifty was up by 81 points at 9,461.90. By 10:15 am, Sensex was trading higher by over 300 points. 

Energy stocks recovered in the morning trade session as oil prices climbed after initial worries about storage capacities subsided. (Photo: Reuters)

HIGHLIGHTS

  • Domestic markets opened in green on Wednesday
  • Sentiments remain upbeat as energy stocks recovered after jump in oil prices
  • Positive Asian cues also helped consolidate the domestic market

Domestic equity markets on Wednesday opened in green citing positive Asian cues and easing pressure on the oil market.

At around 9:35 am, BSE Sensex was trading higher by 270 points or 0.84 per cent at 32,385.32 points, while NSE Nifty was up by 81 points at 9,461.90. By 10:15 am, Sensex was trading higher by over 300 points.

Energy stocks recovered in the morning trade session as oil prices climbed after initial worries about storage capacities subsided.

While energy stocks recovered, the largest contributors to the morning rally were HDFC and Bajaj Finance. Others like GAIL, Tech Mahindra, ITC also contributed to the rise.

However, both IndusInd Bank and Axis Bank shares fell sharply on Wednesday. Axis Bank’s dip comes after the company’s Q4 quarterly results showed a decline in performance on Tuesday. The company posted a loss of Rs 13.88 billion.

Others stocks that fell include Cipla, Titan, Hindustan Unilever and Bharti Infratel.

All Nifty Sectoral indexes except Nifty Private Bank and Nifty Bank were trading in green.

While Indian markets are trading in the green, the fact that ratings agency Moody’s slashed India’s growth to 0.2 per cent for 2020 has taken a toll on the market.

Analysts warn that India could face further downgrades if economic activities do not start soon.

Today’s upbeat sentiments are largely on the basis of positive global cues, which have been improving with a partial easing of the lockdown. India, too, is planning a partial easing of the lockdown on May 3.

Apart from a gradually restart of the economy, investors in India are also awaiting an announcement from the government regarding a relief package to kickstart the economy.

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