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Sensex, Nifty trade higher; Yes Bank, Jet Airways stocks slip

Equity benchmark indices opened higher on Wednesday tracking a recovery in Asian markets on hopes of easing US-China trade concerns. The rally was seen in financial and energy stocks supported the upmove, however, weakness in pharma and metal sectors capped the upside.

The Sensex rose 113 points at 37,432 levels and the Nifty50 was up 29 points at 11,251 levels. The market breadth was neutral on the NSE with 1,041 shares advancing, 541 shares declining, and 503 remaining unchanged.

Shares of Welspun Corp fell 3% after the company’s board approved buyback of its shares at a price of Rs140 apiece, aggregating of up to Rs390cr.

Shares of Orchid Pharma jumped 5% on the back of USFDA nod for Risedronate Sodium Tablets.

Shares of Jet Airways (India) slipped 4% on the BSE after top executives of the cash-strapped airline resigned with immediate effect.

The Volatility gauge, India VIX is up 0.79% at 27.34.

The most active stocks on the NSE are, Yes Bank, Reliance Industries, and SBI.

Meanwhile, the rupee today strengthened for the second session against the US dollar, tracking gains in local equity and Asian currencies market.

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