benchmark indices snapped its two-day fall and opened in the green on Wednesday in tandem with its Asian peers.
Asian markets were trading in the green on Wednesday imitating the record high rally seen in the US stocks due to better than expected earnings.
The Sensex was trading 114 points up at 38,679 levels and the Nifty rose 37 points at 11,612 levels.
Contributors of the rally in S&P BSE SENSEX 50 include HDFC, Reliance Industries, IndusInd Bank, HDFC Bank, ONGC, and L&T.
Shares of HDFC Banks were up after the Reserve Bank of India granted approval for holding 9.9% stake in Bandhan Bank. Further, shares of IndusInd Bank jumped after NCLT approves a merger of the bank and Bharat Financial Inclusion.
On the NSE, ONGC, BPCL, Indiabulls Housing Finance, IOC, and IndusInd Bank were the top gainers. On the flip side, Hero MotoCorp, Grasim, Tata Motors, Vedanta, and Maruti lost the most.
All sectoral indices on the NSE were trading in the green except Nifty Auto, FMCG, Metal, and Pharma indices.
Incidentally, the volatility measurement index, India VIX, was trading 1% down at 24.38.
Markets breadth was in the favor of positive on the NSE with 945 shares advancing, 550 shares declining, and 569 shares remaining unchanged.