Sensex opens over 100 points higher, Nifty above 10750; metals, IT gain

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The BSE Sensex moved up 103 points to 35,319.35, while the wider NSE Nifty finished at 10,741.70, up 23.90 points.

Equity benchmarks have begun the day on the right foot, with the Sensex gaining over 100 points, while the Nifty clocked 10,750 during the morning trade.

The BSE market breadth was bearish with 1,890 declines and 775 advances.

The market ended with marginal losses as investors turned cautious ahead of the Karnataka assembly elections on May 12.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 900.69 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 364.88 crore yesterday, as per provisional data.

Sectorally, the BSE IT index ended 0.74% higher, while teck rose 0.56%, consumer durables 0.46%, capital goods 0.40%, bankex 0.23%, and metal 0.11%.

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According to Deepak Jasani, Head of Retail Research at HDFC Securities: "Rising crude oil prices also impacted the sentiments". China's Shanghai Composite Index too rose 0.15 percent.

Hong Kong's Hang Seng rose 1.25 per cent and Japan's Nikkei was up 0.90 per cent in their early trade.

Jasani added: "major Asian markets have closed on a mixed note".

The Sensex was up by 103.03 points or 0.29 per cent at the Wednesday's closing. In currency markets, rupee pulled back after falling to 67.43 against the U.S. dollar.

Asian Paints (+4.4%), HPCL (+2.5%), International Olympic Committee (+2.4%), BPCL (+1.5%) and Coal India were the top gainers on Nifty50.

Biggest losers in the 30-share index were Dr Reddy's Laboratories (3.70%), Tata Motors (2.34%), Sun Pharmaceutical Industries (1.85%), and Power Grid Corporation Of India (1.77%).

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