Sensex rebounds over 150 pts, Nifty above 9,850; Ujjivan surges 6%
Equity benchmarks opened sharply higher on Wednesday after a turmoil in previous session.
The 30-share BSE Sensex was up 167.09 points or 0.53 percent at 31,555.48 and the 50-share NSE Nifty rose 64 points or 0.65 percent to 9,860.05.
Aurobindo Pharma, Hindalco Industries, HDFC, Ambuja Cements, BPCL, Eicher Motors, Yes Bank and BPCL gained 1-2 percent while Asian Paints, Power Grid and NTPC were under pressure.
Nifty Midcap was up 1 percent on strong market breadth. Ujjivan Financial surged 5 percent as RBI granted it scheduled bank status.
Bajaj Finance, M&M Financial, Tata Global, Avenue Supermarts, RBL Bank, Inox Leisure, Pincon Spirit, Globus Spirit, Amtek Auto, Jaiprakash Associates, Ruchi Soya and IVRCL rallied up to 7 percenet.
The market corrected recently from its record high but the actual correction is only around 3 percent compared to the rally of more than 22 percent since the beginning of calendar year 2017.
"The market is still at elevated valuations but fundamentals are not deteriorating. India is in a solid space backed by strong political stability," Sandeep Bhatia, Head of Equity, India at Macquarie Securities Group said in an interview to CNBC-TV18.
Hence, he would recommend buying into dips despite geopolitical tensions. He believes the trend is still up on broader perspective due to strong macro but he is not upgrading earnings forecast.
Asia markets mostly followed the stronger lead from Wall Street overnight as traders appeared to shake off new North Korea missile concerns.
Japan's Nikkei 225 added 0.55 percent. Across the Korean strait, the Kospi edged up 0.08 percent.
Greater China markets were mixed. The Hang Seng Index rose 0.79 percent. Mainland markets turned in a more subdued performance: The Shanghai Composite shed 0.03 percent.
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