Markets open on higher note on Wednesday

The market rally was driven by strong buying on the oil & gas, banking, PSU and realty counters and strength in the rupee.

The 30-share BSE index spurted by 227.91 points, or 0.62 per cent, to hit new high of 36,747.87, surpassing its previous record of 36,740.07 recorded on July 13.

However, at 0950hrs, the index pared some gains and was trading 108.72 points, or 0.30 per cent, higher at 36,628.68.

The gauge had gained 196.19 points in the previous session.

The 50-share NSE Nifty also rose by 62.05 points, or 0.56 per cent, to 11,070.10.

Traders said positive cues from other Asian markets, tracking overnight gains in the US market following upbeat remarks from Federal Reserve Chairman Jerome Powell during his congressional testimony boosted investor sentiment.

Domestic institutional investors (DIIs) bought shares worth a net pf Rs 840.06 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 673.99 crore yesterday, provisional data released by stock exchanges showed.

Major gainers include Adani Ports, HDFC Bank, Sun Pharma, ONGC, Coal India, HDFC Ltd, Asian Paint, Wipro, Bajaj Auto, Hero MotoCorp, Maruti Suzuki, Infosys, PowerGrid, L&T, RIL and TCS, rising up to 1.65 per cent.

Sectoral indices led by oil & gas, PSU, realty and banking stocks gained up to 1.12 per cent.

Other Asian markets were trading higher too. Key indices such Japan's Nikkei rose 0.90 per cent, Shanghai Composite Index 0.43 per cent and Hong Kong's Hang Seng 0.29 per cent in early trade.

The US Dow Jones Industrial Average ended 0.22 per cent higher yesterday.