Sensex, Nifty Open Higher On China Stimulus Hopes

Indian shares opened on a positive note Wednesday, tracking firm cues from other Asian markets on expectations for more stimulus from Beijing to bolster its struggling economy.

The benchmark S&P BSE Sensex was up 150 points, or 0.2 percent, at 81,607 in early trade while the broader NSE Nifty index was up 53 points, or 0.2 percent, at 24,910.

Among the prominent gainers, JSW Steel, Bharti Airtel, Hindalco, Asian Paints and NTPC jumped 1-2 percent.

Adani Enterprises gained 1 percent on reports the company is eyeing its first-ever public bonds issue in coming weeks.

Indus Towers fell over 2 percent after its board approved a share buyback program at a premium of just 4 percent from Tuesday’s closing price.

GAIL surged 4.5 percent after Q1 net profit jumped 77 percent.

Tata Steel was little changed ahead of its earnings.

Tata Consumer Products declined 1.4 percent on reporting a 28 percent fall in Q1 net profit.

Varun Beverages rallied 2.4 percent on reporting 26 percent growth in quarterly profit.

Dixon Technologies India rose over 2 percent after Q1 profit and revenue jumped over 100 percent.