Nifty Trades Higher; Asian Markets Quiet

Benchmark indices opened the day marginally higher, taking cues from a 1 per cent gain in the Dow Futures. Most Asian markets were trading flat to marginally positive.

The Sensex was trading with gains of 193 points, while the Nifty was up 56 points. The rise in the markets came even as deaths due to the Covid-19 in India passed the 1,000 mark and infections crossed the 30,000 mark.

Shares in Axis Bank was the top losers in trade, dropping as much as 4 per cent, after the bank reported a surprise quarterly loss. This led to a fall in some other banking stocks like ICICI Bank.

Axis Bank reported a net loss of Rs 1,388 crore for the March quarter owing to higher provisions. Reliance Industries saw its shares gain after S&P Global Ratings affirmed long-term rating at BBB+ and maintained a stable outlook for the oil-to-telecom conglomerate

Meanwhile, most Asian markets were trading with marginal gains led by the Hong Kong's Hang Sang. Dow Futures pointed to a higher opening of at least 1 per cent for the US markets. Investors are awaiting the conclusion of the US Fed meet, which is likely today.