NIFTY50 opens at 24,977, SENSEX rises 358 points as IT stocks extend rally; Wipro, TCS top gainers

The Indian stock market opened higher for the fifth consecutive session on Wednesday, September 10, as IT stocks continued their rally and foreign fund inflows bolstered investor sentiment.

The broader market was also trading up, with both Nifty Midcap 100 and Nifty Smallcap 100 gaining 0.83% and 0.77%, respectively.

Among sectors, Nifty IT gained 1.64% in the opening session, driven by strong rallies in Oracle Financial Services Software (5.96%), Persistent Systems, and Mphasis (3.27% each). Additionally, Nifty PSU Bank rose 0.99%, and Nifty Realty advanced 0.57%.

According to exchange data, on Tuesday, the foreign institutional investors (FIIs) bought equities worth ₹2,050.46 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹83.08 crore worth of equities.

Globally, indices in Asia were trading higher on Wednesday following US markets as investors assessed weaker-than-expected inflation data from China. Stocks in Japan were trading around a record high following Prime Minister Shigeru Ishiba’s resignation.

Japan's Nikkei rose 0.62%, Hong Kong's Hang Seng surged 1.19%, and the Shanghai Composite was also trading higher by 0.17%. South Korea's KOSPI was trading up 1.57%.

On Wall Street, the three main indices closed at record highs on Tuesday as a downward payrolls revision supported expectations the Federal Reserve will soon cut interest rates.

The S&P 500 rose 0.27% to end at 6,512.61, Nasdaq climbed 0.37% to 21,879.49, and the Dow Jones Industrial Average advanced 0.43% to close at 45,711.34.

As many as 2,621 stocks traded on the NSE during the early session, among which 1,875 were trading in the green, 678 were trading in the red, and 68 shares remained unchanged.

This indicates that the market breadth was in favour of advances.

Meanwhile, 50 stocks hit their one-year highs in the early trade, while 10 stocks touched their 52-week lows.

Further, 40 stocks hit their upper circuits, while 31 hit their lower circuits.

India VIX, the volatility gauge, was trading 1.26% lower at 10.55 levels.

Wipro was the most contributing stock, surging 1.91%, followed by TCS (1.82%), HCL Technologies (1.69%), Jio Financial Services (1.57%) and Infosys (1.34%).

On the other hand, Hero MotoCorp (-1.19%), Mahindra & Mahindra (-0.75%), Tata Motors (-0.72%), Maruti Suzuki (-0.69%), and Eicher Motors (-0.64%) were the biggest losing stocks.