Benchmark indices opened the day higher, even as hopes of a BJP win in Madhya Pradesh were belied. Global cues were strong, which lent support to the market, even as investors were not too enthused by the appointment of the new RBI Governor, Shaktikanta Das. A huge selling by Foreign Portfolio Investors in the cash market on Tuesday, also led some investors to exercise caution.
The Sensex was trading with gains of 352 points, while the Nifty gained 108 points in trade. Among the leaders in trade were the banking stocks like ICICI Bank and State Bank of India. Stocks associated with the rural and agriculture sector were on a role on hopes that the government would enhance outlay for the farm sector, following the drubbing in three states. Hero Motor Corp and Mahindra and Mahindra were the top gainers from the space.
Yes Bank was among the top gainers for the second day in a row, ahead of the board meeting to appoint a new Chairman.
Dr Reddy's saw some selling pressure after reports it will have to wait a little longer before it can start selling a generic version of Indivior Plc's Suboxone Film opioid addiction treatment, a U.S. appeals court ruled Tuesday, according to Bloomberg report.
Unichem Laboratories was trading higher after the company received tentative approval for ANDA-Tadafil Tablets from U.S. FDA.
Meanwhile, most Asian markets were seeing a robust recovery with the Hong Kong's Hang Sang, the Shanghai Composite and the Japanese Nikkei all trading higher.
The rupee opened slightly weak at 72.08 to the dollar.