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Oil marketing companies i.e. ONGC, BPCL and IOC gained 1-3 per cent each on the BSE.
The domestic stock markets have opened in the positive, post the 1 per cent fall in the previous session. At 9:20 am, the BSE Sensex was trading at 48,503.21, higher by 253.56 points or 0.52 per cent and the NSE Nifty was at 14,573.50, up 71.35 points or 0.51 per cent. The broader markets are outperforming their largecap peers, with the BSE Midcap index gaining 0.7 per and BSE Smallcap index adding 0.9 per cent.
Meanwhile, Reserve Bank of India said Governor Shaktikanta Das will make an unscheduled speech at 10:00 am, as the second wave of coronavirus continues to devastate the country.
Asian shares risked falling for a fourth straight session on Wednesday as sentiment took a knock from a selloff in large cap Wall Street tech darlings, combined with talk of rising U.S. interest rates.
Holidays in Japan, China and South Korea limited the early reaction, leaving MSCI’s broadest index of Asia-Pacific shares outside Japan dithering either side of flat. Japan’s Nikkei was shut, but futures traded down at 28,735 compared to the last cash close of 28,812.
Overnight, the Nasdaq fell more than 2 per cent on Tuesday as steep declines in megacap growth stocks pushed Wall Street below record trading levels, with investors seeking shelter in more defensive parts of the market. The Dow Jones fell 0.69 per cent, S&P 500 was down 1.34 per cent and Nasdaq Composite shed 2.73 per cent.
On the earnings front, Tata Steel, Adani Enterprises and Adani Green will report results for the quarter ended March 2021.
On the stock-specific front, oil marketing companies are witnessing buying interest this morning as the domestic fuel prices have been raised for the second consecutive day. ONGC, BPCL and IOC have gained 1-3 per cent each on the BSE.
On the other hand, Adani Ports, HDFC and Hindustan Unilever have weakened by around 2 per cent each on the BSE.
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