Indian shares opened sharply higher on Wednesday, tracking strong global markets as strong U.S. corporate earnings and the expected resumption of Russian gas supply to Europe boosted investors’ appetite for riskier assets.
The benchmark S&P BSE Sensex was up 712 points, or 1.3 percent, at 55,480 in early trade, while the broader NSE Nifty index was up 203 points, or 1.2 percent, at 16,544.
Heavyweight Reliance Industries rallied 2.5 percent, Oil India jumped 6.5 percent and ONGC surged 4.4 percent after the government eliminated a levy on gasoline exports and cut windfall taxes on other fuels.
Network18 advanced 1.4 percent as it reported a 10.4 percent year-on-year growth in consolidated operating revenue for the June quarter.
FMCG major Hindustan Unilever rose over 1 percent after it beat estimates with a 13 percent uptick in profits year-on-year for the June 2022 quarter.
Wipro edged up 1 percent and IndusInd Bank added 2.3 percent ahead of their earnings results.
Grasim gained 0.6 percent after announcing its foray into B2B e-commerce.
HDFC Life fell more than 1 percent despite reporting a 21 percent jump in its Q1 profit.
Rallis India gave up almost 2 percent after reporting a 18.1 percent decline in Q1FY23 net profit.
Market Analysis
Sensex Soars Over 700 Points; Nifty Tops 16,500
2022-07-20 04:23:16
