Market Live: Sensex Rises Over 150 Points Led By IT Shares

Share Market Latest Updates: Markets have been riding on hopes of fast recovery from corona virus-caused slowdown and on foreign fund.

Domestic stock markets traded in a narrow range amid volatile trade on Wednesday, as investors weighed the prospect of COVID-19 vaccines against more stimulus measures in major economies. The S&P BSE Sensex index hovered within a 150-point range on either side of its previous close of 46,006.69 following a positive opening, and the broader NSE Nifty 50 benchmark moved between 13,432.20 and 13,517.20, as against its previous close of 13,466.30. Weakness in financial, energy and metal shares pulled the markets lower, however strength in IT and select automobile shares provided some support. 

At 9:47 am, the Sensex traded 173.14 points, or 0.38 per cent, higher at 46,179.83 while the Nifty was up 57.95 points, or 0.43 per cent, at 13,524.25.

Wipro, Maruti Suzuki, Cipla, Infosys and HCL Tech, trading between 1.38 per cent and 1.90 per cent higher, were the top gainers in the Nifty basket of 50 shares.

On the other hand, ONGC, HDFC, SBI Life, Divi’s Labs and Hindalco, down 0.37-1.16 per cent each, were the worst hit among 13 laggards in the index. 

Infosys, Tata Consultancy Services (TCS) and Bajaj Finance were the biggest boosts for Sensex. 

Other Asian markets steadied, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.10 per cent at the last count, following three straight sessions of declines. Japan’s Nikkei 225 benchmark was also up 0.10 per cent, although gains were concentrated in healthcare and technology stocks. Both indices are up more than 60 per cent from March lows.

The E-Mini S&P 500 futures dropped half a per cent after Donald Trump threw a last-minute spanner into pandemic relief plans by threatening not to sign a long-awaited stimulus bill into law.

European and British equity futures fell by the same margin as the news offset hints of progress toward a British trade deal with Europe.

Holiday-thinned markets are also jittery about a highly contagious new corona virus strain, which has given support to the safe-haven US dollar and yen and dragged on the prices of growth-sensitive commodities from oil to iron ore and copper.

The markets are bound to be swinging both ways and highly volatile in view of various factors and hence investors may exercise utmost caution while taking long positions.

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