Sensex climbs over 50 pts; Nifty trades above 10,550; Vedanta rises 2%

Stock market: Sensex climbs over 50 pts; Nifty trades above 10,550

Tracking strong global cues, the domestic equity market opened on a positive note on Wednesday.

At 09:20 am, the S&P BSE Sensex was trading 32 points higher at 34,426.80 with Adani Ports (up 1 per cent) as the top gainer and M&M (down 1 per cent) the worst laggard.

The broader Nifty50 index of National Stock Exchnage (NSE) was trading above the 10,550 level at 10,567, up 18 points.

Asian shares were trading higher after Wall Street took heart from upbeat corporate earnings, though nagging concerns about trade barriers and the global growth outlook kept currencies and bonds subdued, reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan bounced 0.5 per cent, though that follows four straight sessions of losses.

Japan’s Nikkei climbed 1.2 per cent, with investors waiting for any developments on trade as Japanese Prime Minister Shinzo Abe meets President Donald Trump at his Mar-a-Lago resort.

Back home, media, FMCG and pharma counters witnessed decent buying. The Nifty Media index was trading nearly 1 per cent higher at 3,370.75 with 10 out of 15 constituents in the green and five in the red.

The Nifty FMCG pack was trading at 27,729.60, up 193 points or 0.70 per cent. The Nifty Pharma index was trading 0.67 per cent higher at 8,886.55 with 9 out of 10 constituents in the green.

Among specific stocks, Electrosteel Steels hit lower circuit limit of 5 per cent at Rs 2.85 per cent amid reports that the company is set to become the first in an initial list of big defaulters to emerge from bankruptcy proceedings, with the National Company Law Tribunal’s Kolkata bench approving a Rs 5,320-crore resolution plan from VedantaNSE 0.97 % for the company.

Vedanta, meanwhile, was trading nearly 1 per cent higher at Rs 291.90 apiece on BSE.

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