Stock Market Today: Sensex, Nifty Open Higher On Global Cues

Indian equity benchmarks opened in positive territory on Wednesday, tracking upbeat global markets, although concerns over below-normal monsoon rainfall continued to temper investor confidence.

The BSE Sensex climbed more than 200 points, or 0.28 per cent, to an intraday high of 76,697.37 during early trade. The NSE Nifty also advanced around 70 points, or 0.28 per cent, to reach 23,934.90.

Buying interest was visible across several sectors, with media, automobile, consumer durables, FMCG, information technology, real estate and pharmaceutical stocks leading the gains.

The Nifty Media index rose more than one per cent, while the Nifty Auto and Nifty Consumer Durables indices also posted gains of over one per cent.

On the other hand, metal stocks remained under pressure, with the Nifty Metal index emerging as the weakest performer, declining 0.61 per cent.

The Nifty Chemicals and Nifty MidSmall IT & Telecom indices also traded lower during the session.

Among individual stocks, Bajaj Finserv, Bajaj Finance, Hindalco Industries, HDFC Life, Tech Mahindra, JSW Steel, Coal India, NTPC and Larsen & Toubro were among the notable laggards.

Market analysts said favourable global cues continued to support domestic equities, but the weak monsoon remained the biggest risk for investors.

A prolonged rainfall deficit could affect rural consumption, increase inflationary pressures and prompt investors to shift towards defensive sectors such as healthcare, pharmaceuticals, power and selected defence stocks.

Crude oil prices edged higher, Asian markets traded mixed, while overnight gains on Wall Street supported investor sentiment.

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