India’s share market rose higher on opening trade investors continue to keep bullish over BJP victory in Gujarat and H.P. After hitting highs in pre-open trade, indices lost gains as profit booking picked up.
The BSE Sensex was trading at 33,839.08, up 2.34 points, while the NSE Nifty50 was ruling at 10,462.55, slipping 0.65 points in later morning hours.
ONGC, Maruti Suzuki, and Coal India were toppers, while shares of Tata Steel, Dr. Reddy’s and Adani Ports fell.
Shares of Maruti Suzuki hit Rs10,000 share mark first time and became nation’s 6th company to cross Rs. 3.00 trillion M-cap after its shares surged over 84 percent so far this year.
Stocks of PSU Banks fell. PNB down 4.2%, Indian Overseas Bank down 1.5%, Allahabad Bank falls 1.1%, Syndicate Bank, Canara Bank and Bank of India down 1% each, Union Bank 0.8%, SBI down 0.6%.
Commodities: Oil prices went up on Wednesday, helped by expectations of a fall in U.S crude inventories together with the ongoing outage of the North Sea Forties pipeline system.
The Indian rupee opened slight higher against U.S dollar tracking gains in its Asian stocks. The domestic currency opened at 64.03 a dollar and was trading at 64.02 a dollar, up 0.04 percent from its last day’s close of 64.04.