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Sensex, Nifty Turn Flat After Staging A Gap-Up Opening


Sensex, Nifty Turn Flat After Staging A Gap-Up Opening

The Indian equity benchmarks turned flat after staging a gap up opening on Wednesday as gains in Infosys, Tata Consultancy Services, Hindustan Unilever and Titan were offset with losses in Kotak Mahindra Bank, HDFC Bank, Larsen & Toubro, HDFC and Asian Paints. The Sensex rose as much as 323 points to hit an intraday high of 52,912 and Nifty 50 index briefly reclaimed its important psychological level of 15,800. Meanwhile, other Asian markets were trading higher after US markets rebounded on Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly. Japan’s Nikkei advanced 0.1 per cent, Hang Seng rose 0.7 per cent, Taiwan Weighted advanced nearly 1 per cent and Straits Times rose 0.2 per cent.

As of 9:26 am, the Sensex was up 90 points at 52,679 and Nifty 50 index advanced 6 points to 15,778.

Overnight, Wall Street rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly as the dollar and oil gave up earlier gains.

Led by the tech-heavy Nasdaq Composite, Wall Street closed Tuesday higher, bouncing back from a sell-off set off last week by a Fed policy update that suggested officials believed rates would rise more quickly to counter rising inflation.

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