Market opening: SENSEX surges 403 points, NIFTY50 above 25,800 as IT stocks rally; ONGC, Eternal among top gainers

The Indian stock market opened higher on Wednesday, November 12, supported by positive global cues and strong buying in IT stocks.

The broader market was also trading in green in the early trade, with both the Nifty Midcap 100 and the Nifty Smallcap 100 surging 0.49% and 0.53%, respectively.

Among sectors, Nifty IT (1.14%) took the lead among gainers, followed by Nifty Oil and Gas (1.04%) and Nifty PSU Bank (0.81%). Meanwhile, Nifty FMCG (-0.06%) and Nifty Metal (-0.03%) were the only losers.

According to exchange data, on Tuesday, the foreign institutional investors (FIIs) sold shares worth ₹803.22 crore, while the domestic institutional investors (DIIs) bought equities worth ₹2,188.47 crore on a net basis.

Globally, Asian markets traded mixed on Wednesday as US Congress looked set to end the federal shutdown and traders looked for direction in the absence of clues from government data services. The market participants are also increasing bets on further easing from the Federal Reserve.

Hong Kong's Hang Seng advanced 0.72%, and South Korea's KOSPI was up 0.91%, while China's Shanghai Composite slipped 0.24%, and Japan's Nikkei was also trading 0.32% lower.

Most U.S. stocks ended higher on Tuesday, with the Dow Jones Industrial Average surging 559 points, or 1.2%, to a new record high, surpassing its previous peak set two weeks earlier. The S&P 500 also inched up 0.18%, while the Nasdaq Composite slipped 0.3% as Nvidia’s continued decline weighed on the tech-heavy index amid growing investor caution that AI-driven stocks may be overvalued.

As many as 2,651 stocks traded on the NSE during the early session, among which 1,860 advanced, 715 declined, and 70 shares remained unchanged.

This indicates that the market's breadth is favourable towards advances.

Meanwhile, 51 stocks hit their one-year highs in the early trade, while 33 stocks touched their 52-week lows.

Further, 32 stocks hit their upper circuits, while 28 hit their lower circuits.

India VIX, the volatility gauge, was trading at 11.98 levels, falling 4.12%.

ONGC was the most contributing stock, gaining 2%, followed by Eternal (1.98%), Bajaj Finserv (1.69%), TCS (1.34%) and Tech Mahindra (1.2%).

On the flip side, Bharat Electronics (-0.35%), JSW Steel (-0.33%), Shriram Finance (-0.31%), Bajaj Auto (-0.28%) and Asian Paints (-0.2%) were the top laggards on the 50-share index.