HDFC Bank, Infosys lift Sensex 400 points, Nifty above 23,100

Domestic benchmark equity indices, Sensex and Nifty50, opened higher on Wednesday, led by gains in banking and IT stocks. This follows a more than seven-month low hit in the previous session, amid uncertainty over US policy direction under President Donald Trump and concerns over corporate earnings.

At 9:20 am, the BSE Sensex was up 320 points, or 0.42%, at 76,163, while the Nifty50 gained 78 points, or 0.34%, to trade at 23,103.

From the Sensex pack, Sun Pharma, Infosys, TCS, ITC, L&T, and Maruti opened with gains, while Zomato, Tata Motors, Tata Steel, Power Grid, and SBI opened in the red.

Among individual stocks, IndiaMart InterMesh hit a 10% lower circuit after reporting weak Q3 earnings.

ICICI Prudential Life Insurance Company shares also dropped 8.5% in early trade following disappointing Q3 results.

On the sectoral front, Nifty Bank, FMCG, and IT opened with gains, while Auto, Metal, PSU Bank, Realty, Consumer Durables, and Oil & Gas opened in the red.

Experts Take

"President Trump’s orders and announcements, so far, have been disruptive. He is doing tough talking initially to send the message that more stern measures are in the offing. Trump’s threat to impose 100% tariffs on BRICS if they attempt dedollarization is a repeat of his election campaign rhetoric. It appears that the markets took this threat too seriously," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"Nifty is down around 12% from the 2024 September highs. The correction provides a good opportunity for long-term investors to buy quality stocks, which are now available at fair valuations. The key to success will be patience," Vijayakumar suggested.

Hardik Matalia of Choice Broking, said, "After a positive opening, Nifty can find support at 22,950 followed by 22,800 and 22,600. On the higher side, 23,100 can be an immediate resistance, followed by 23,250 and 23,400."

More to come...