The Indian stock market rose on Wednesday, despite weak indications from other Asian markets. The 30-share Sensex was up 197 points and the Nifty 50 index was above its critical psychological level of 17,850. Asian stocks fell on Wednesday, reversing early gains, as US and European stocks rebounded overnight, leaving investors worried about US government debt repayment, while oil was nearing a new multi-year high. Oil gains are driven by concerns about energy supply, and the OPEC + Producers Group comes two days after it was caught up in its planned production increase rather than further boosting production.
As at 9:19 am, the Sensex was up 142 points at 59,887 and the Nifty 50 was up 47 points at 17,869.
U.S. crude rose to its highest level since Wednesday 2014, but was profitable and last traded 0.09 percent at $ 78.87 a barrel. Brent crude was down 0.08 percent at $ 82.49 a barrel, hitting a three-year high in the previous session.
In equity markets, MSCI’s broader Asia-Pacific stock index outside Japan fell 0.6 percent, reversing early gains, while Japan’s Nikkei lost 0.78 percent.
Overnight, on Wall Street, the Dow Jones Industrial Average rose 0.92 percent, the S&P 500 rose 1.05 percent and the Nasdaq joint rose 1.25 percent.
All 15 sectoral benchmarks compiled by the National Stock Exchange traded above the Nifty Oil & Gas Index with a gain of over 1%, which was evident throughout the purchase when returning home.
The Nifty PSU Bank, Realty, FMCG, Auto, Financial Services and Media indices also rose 0.4-1 per cent.
Medium and small cap stocks also saw buying interest as the Nifty Midcap 100 Index was up 0.31 per cent and the Nifty Small Cap 100 Index was up 0.7 per cent.
ONGC is the first Nifty gainer for the second consecutive session. The stock rose 4 per cent to a 52-week high of Rs 172.75 on rising international crude oil prices. Brent crude rose to $ 83 a barrel several years higher.
Indian Oil, UPL, Coal India, Mahindra & Mahindra, Bajaj Finance, Bharat Petroleum, State Bank of India, NTPC, Tata Consumer Goods, Britannia Industries and Power Grid rose 0.74-3.3 per cent.
On the upside, Titan, TV Labs, SBI Life, IndusInd Bank, Sun Pharma, Dr Reddy’s Labs, Maruti Suzuki, Tech Mahindra, Kotak Mahindra Bank and Hindustan Unilever were among the losers.
The overall market was very positive as 1,980 shares advanced while 684 declined on the BSE.