It’s a solid start on D-Street as equity benchmarks continued to cheer fall in crude oil prices and an appreciating rupee.
The Nifty is trading above 10,600-mark, while the Sensex as opened 150 points higher.
Among sectors, banks, energy, metals and consumption names are trading higher, while IT stocks are under pressure due to weak rupee. The Nifty Midcap index is up over 0.60 percent.
The Sensex is up 152.49 points or 0.43% at 35296.98, while the Nifty is higher by 55.50 points or 0.52% at 10638.00. The market breadth is positive as 393 shares advanced, against a decline of 85 shares, while 23 shares were unchanged.
Oil slumps 7% to 1-year low as rout extends to 12 days
Oil’s slide accelerated on Tuesday, with US futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply. US futures closed down 7.1 percent, for a record 12th straight decline and the lowest since November 2017. More than 980,000 contracts changed hands, as funds shed positions.
US West Texas Intermediate (WTI) crude oil futures were at $55.66 per barrel at 0043 GMT, down 3 cents from their last settlement.
Rupee Update: The Indian rupee gained in the early trade on Wednesday as it opened 50 paise higher at 72.16 per dollar against previous close 72.67.>