Indices open on firm note; breadth positive

The domestic equity barometers traded with strong gains in early trade amid buying in index pivotals. The Nifty hovered around the 17,400 mark. Shares across sectors advanced, with banks, financials and consumer durables gaining the most. Positive Asian stocks boosted sentiment.

At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 351.49 points or 0.61% to 58,340.79. The Nifty 50 index added 83.45 points or 0.48% to 17,398.95.

Dr Reddy's Lab (up 1.73%), SBI Life (up 1.61%), Bajaj Finance (up 1.42%), Hindalco (up 1.27%) and Axis Bank (up 1.27%) were the top Nifty gainers.

Coal India (down 1.75%), Bharti Airtel (down 1.06%), Britannia Industries (down 0.46%), BPCL (down 0.38%) and ITC (down 0.12%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.92% while the S&P BSE Small-Cap index gained 0.98%.

Buyers outnumbered sellers. On the BSE, 1371 shares rose and 1126 shares fell. A total of 118 shares were unchanged.

Stocks in Spotlight:

Infosys added 0.13% to Rs 1889.75. The IT major announced a definitive agreement to acquire oddity, a Germany-based digital marketing, experience, and commerce agency.

SBI rose 1.35% to Rs 500.55. The state-run bank has acquired 7.84% stake in ONDC (Open Network for Digital Commerce) for a consideration of Rs 10 crore.

Adani Ports and Special Economic Zone (APSEZ) gained 0.68% to Rs 744.70. The company crossed a historic milestone by handling 300 MMT of cargo well ahead of the year end (March 2022).

Global Markets:

Asian stocks are trading higher on Wednesday as investors monitored oil prices and continued to assess the outlook for U.S. Federal Reserve monetary policy.

U.S. stocks rebounded Tuesday as traders digested Federal Reserve Chair Jerome Powell's latest rate hike comments. Powell said inflation is much too high and vowed to take necessary steps to curb inflation.

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