SENSEX trades 250 pts higher in early trade, NIFTY50 tops 24,500; Swiggy shares rise 3% post Q2 results

At 09:34 AM, the S&P BSE SENSEX was trading at 81,118.61 levels, up 273 points, or 0.34%, while the broader NIFTY50 index was ruling at 24,538.15, up 81 points, or 0.33%. 

Among individual names, Swiggy shares were trading over 3% higher at ₹517.35 apiece on the BSE, a day after the company declared its Q2 results.

The stock jumped as much as 6.69% to ₹534.85 on the BSE.

The company reported a narrowing of loss at ₹625.53 crore on a consolidated basis in the second quarter ended September, down from ₹657 crore logged in the year-ago period.

The company declared its quarterly results to the stock exchanges for the first time since it went public last month.

Reliance Power shares hit 5% upper circuit limit of 5% at ₹41.07 apiece on the BSE in Wednesday's session as the Solar Energy Corporation of India Limited (SECI) on Tuesday said it has withdrawn the debarment notice issued to Reliance Power, enabling the Anil Ambani-led firm to participate in future tenders of the public sector entity.

Broader Market

The BSE MidCap index was trading at 47,231.01 levels, up 249 points, or 0.53%, while the BSE SmallCap index was trading 401 points, or 0.71%, higher at 56,638.72. 

Sector Watch

IT stocks were the biggest gainers on the BSE, followed by financial services counters. The BSE Information Technology index was trading at 43,972.02, up 434 points, or 1%.

Global Markets

Asian equities stumbled on Wednesday, while currencies were volatile. Investor sentiment took a major hit with the political storm in South Korea, where martial law was imposed and subsequently lifted hours later.

The benchmark KOSPI index was down nearly 2%, bringing its year-to-date losses to over 7% and making it the worst-performing major stock market in Asia this year.

On Wall Street, the S&P 500 and Nasdaq managed record closing highs on Tuesday, with tech-related shares extending recent gains as investors awaited further jobs data.

The Dow finished slightly lower on the day.