Opening Bell: Sensex, Nifty surge led by IT, bank shares; Street awaits Fed rate decision, policy stance

Meanwhile, Indian Rupee opened 21 paise higher at 82.59 against the US dollar against the INR's previous close of 82.80 against the greenback.

Broader market indices also traded largely positive while among sectors Nfity IT and Media trade higher. Photo credit: File

Indian shares opened Wednesday's trade with strong gains tracking positive global cues. The benchmark 30-share BSE Sensex started at 62,686, hitting an intra-day high of 62,835. The broader 50-share NSE Nifty50 opened at 18,671, hitting the intra-day high at 18,696.

Tech Mahindra, Larsen and Toubro, PowerGrid, Wipro and NTPC were top gainers on Sensex, while Bharti Airtel, Nestle India, Mahindra and Mahindra and Maruti Suzuki were only laggards on the BSE frontline indices. Hindalco, Eicher Motors, ONGC, SBI were among the top gainers on Nifty.

Broader market indices also traded largely positive while among sectors Nifty IT and Media traded higher. The banking gauge, Nifty Bank, hit a lifetime high of 44,099 led by the State Bank of India (SBI), ICICI Bank and other private sector lenders.

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Among other major movers, Paytm parent firm One 97 Communications shares traded lower despite the fintech firm's board announcing Rs 850 crore buyback plan. The maximum buyback price is at Rs 810 per share and the company will undertake it via open market route that will be completed within a span of six months.

Click here to read Anil Singhvi's discussion on paytm buyback strategy

Yes Bank share price dropped over 6 percent in trade today after the private lender's over 30 percent gain in three days. Yes Bank stock price quoted at Rs 22.40 apiece on NSE and hit the day's low at Rs 22.05. The selling in the banking stock has come after board approval for the allotment of shares and warrants to CA Basque Investments and Verventa holdings. Yes Bank will issue nearly 184.8 crore shares at Rs 13.78 per share and 128 crore warrants at Rs 14.82 per warrant, each to both firms.

Meanwhile, Indian Rupee opened 21 paise higher at 82.59 against the US dollar against the INR's previous close of 82.80 against the greenback.

The rupee will open higher, but will lag peers, news agency Reuters quoted a foreign exchange trader as saying. Persistent dollar demand from importers and related to the offshore market will limit the rupee's advance, it added.

In Asia, stocks rose, bonds were firm and the dollar nursed losses after data showed US consumer prices barely rose in November, stoking hopes that inflation has peaked and interest rate increases will slow and eventually stop in 2023, a Reuters report said.

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