Sensex Rallies Nearly 200 Points, Nifty Above 11,050 Level
The domestic stock markets opened the trading session on Wednesday on a positive note after a rally in US markets. At 9:17 am, the S&P BSE Sensex traded at 36,716.44, up 196.48 points or 0.54 per cent while the broader Nifty50 was at 11,070.10 level, with a gain of 62.05 points or 0.56 per cent.
Technical analysis suggests a clear uptrend in markets. "The lower time frame suggests a clear uptrend and bulls are back in action. We may expect key benchmark index Nifty to trade in a consolidation of 11,200 on higher side and 10,900 on lower side," said Dyaneshwar Padwal, AVP, Technical Analysis, KIFS TradeCapital.
In overnight trade, Wall Street stocks rose, with the Dow Jones Industrial Average posting its fourth consecutive session of gains after Federal Reserve Chairman Jerome Powell expressed an optimistic US economic view and solid earnings bolstered the outlook for a robust reporting period. The Dow Jones Industrial Average rose 55.53 points, or 0.22 per cent, to end at 25,119.89, the S&P 500 gained 11.12 points, or 0.40 per cent, to 2,809.55 and the Nasdaq Composite added 49.40 points, or 0.63 per cent, to 7,855.12.
Asian shares also followed Wall Street higher. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 per cent and Shanghai blue chips 0.6 per cent. (With Reuters Inputs)