The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning trade. It opened at 58,839.32 points and touched a high of 58,872.59 points.
The Sensex touched a low of 58,645.31 points. It had previously closed at 58,664.33 points. The Sensex is trading at 58,691.73 points up by 27.4 points or 0.05 per cent.
On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 17,550.05 points after closing at 17,503.35 points. The Nifty is trading at 17,512.25 points in the morning, crossing the 17,500-mark for the markets to show an upward trend ahead.
On Tuesday, after a decline in early trade, Sensex and Nifty50 reversed the four-day losing streak and closed in the green with the barometer 30-scrip Sensex closed at 58,664.33 points, up by 198.44 points or 0.34 per cent. Similarly, the broader 50-scrip Nifty closed the day at 17,503.35 points, up by 86.80 points or 0.50 per cent.
The top gainers of the session were Power Grid Corporation, JSW Steel, Coal India, NTPC and Adani Ports. As per the information available on the NSE website, stocks of these companies closed 4.02 per cent, 4.0 per cent, 3.95 per cent, 2.61 per cent and 2.23 per cent higher, respectively.
After losing a sizable portion of its market value during the past two trading sessions, One97 Communications-owned Paytm closed at Rs 1,489.80, up by 130.20 points or 9.58 per cent. Other shares of Asian Paints, Indusind Bank, Infosys, Axis Bank and Titan were the top losers during the session.
"Buying in late trades helped the market to recover from the intraday volatile sessions. Nifty found support near 17,200 and reversed sharply. The short-term formation is still on the weaker side, but due to the extremely oversold situation, the market registered a technical bounce back," said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.
Latent View Analytics made a spectacular listing on the stock exchanges on Tuesday at Rs 512.20, up 160 per cent from its IPO price of Rs 197.
(With inputs from IANS)