Sensex rises 413 points to trade at 58,222; Nifty up 118 points to 17,416

Equity benchmark Sensex surged over 400 points in the opening session on Wednesday, following gains in IT and financial stocks, amid a firm trend in global markets.

The BSE gauge was trading 413.19 points or 0.71 per cent higher at 58,221.77 in early trade. Likewise, the Nifty advanced 118 points or 0.68 per cent to 17,384.75.

Tech Mahindra was the top gainer in the Sensex pack, climbing 2.13 per cent, followed by Wipro, HCL Tech, Titan, Infosys, Bajaj Finserv, Maruti and Bajaj Finance.

On the other hand, Sun Pharma, Bharti Airtel, NTPC and Nestle India were the laggards.

In the previous session, the 30-share BSE Sensex closed 187.39 points or 0.33 per cent higher at 57,808.58. Similarly, the broader NSE Nifty climbed 53.15 points or 0.31 per cent to 17,266.75.

“Stocks in Asia rose on Wednesday, and a selloff in sovereign bonds paused, bringing some relief for markets from the concerns about tightening monetary policy that has whipsawed assets this year,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.

Elsewhere in Asia, bourses in Tokyo, Hong Kong, Shanghai and Seoul were trading with gains in mid-session deals.

Stock exchanges in the US finished with gains in the overnight session.

Meanwhile, international oil benchmark Brent crude rose 0.20 per cent to USD 90.96 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth ₹1,967.89 crore on Tuesday, according to stock exchange data.