The benchmark indices were trading in a range on Wednesday as investors hoped Reserve Bank of India (RBI) will reduce interest rates in its policy review later in the day. Positive cues from global markets also aided sentiment.
At 10:13 am, the S&P BSE Sensex was trading at 26,441, up 49 points, while the broader Nifty50 was ruling at 8,162, up 19 points.
Broader market depicted strength with 1,040 advances over 363 declines on the BSE. Sixty stocks remained unchanged.
BSE Midcap index rose 0.39%, while BSE Smallcap index advanced 0.43%.
Interest rate sensitive bank, realty and auto stocks are in focus with BSE Auto, BSE Bankex and BSE Realty gaining up to 0.70%. However, BSE Oil & Gas was the top sectoral gainer and added 1%.
Adani Enterprises was trading 1% higher after the company announced it has incorporated a wholly-owned subsidiary namely, Adani Cementation Limited (ACL).
VST Tillers Tractors gained over 4% after the company reported power tiller sales of 1,495 units and tractors sales of 684 units in November 2016.
In another development, State Bank of India (SBI) has tied up with VST Tillers for financing farm machinery.
Among losers, Sun Pharma shed the most (4%) on Sensex.
Meanwhile, on Tuesday, foreign institutional investors bought equities worth Rs 162 crore, while domestic institutional investors were net sellers and sold equities worth Rs 165 crore, provisional data available with BSE suggested.
Capitalstars Financial Research Private Limited is a research house and an investment advisory carrying out operations in the Indian Equities and Commodity market.We also provide 2 days free trial to our client.Join our services and trade with us.