Indian equity markets on Wednesday, October 30, started proceedings on a positive note as a strong set of quarterly corporate earnings underpinned investor sentiment. Shares jumped, led by gains in financial stocks, as Sensex crossed 40,000 points for the first time since July. The broader NSE Nifty was up 0.4 per cent at 11,833.80, as of 0449 GMT.
Speaking to a news agency, Siddharth Sedani, head of the equity advisory at Anand Rathi Financial Services Ltd in Mumbai said, "Markets from here on will be more stable on expectations of good December quarter earnings."
Top gainers on BSE
"Strong set of numbers from some firms like ICICI (Bank), Tata Motors and State Bank of India have helped improve sentiment." The blue-chip index had risen as much as 0.8 per cent to its highest in over three months in early trade. Among other top gainers in Sensex were ITC, L&T, Vedanta and Bajaj Auto.
Meanwhile, broader Asian shares were lower, with MSCI's broadest index of Asia-Pacific shares outside Japan shedding 0.33 per cent, as hopes of a rate cut by the US Federal Reserve were offset by concerns over a delay in a partial Sino-US trade deal.
In domestic markets, the Nifty PSU Bank index, which tracks the country's state-run lenders, rose 1 per cent, with shares of Central Bank of India adding over 4 per cent. This comes after the bank approved raising of 33.53 billion rupees ($472.60 million)in the capital on Tuesday.
In some respite to telecom stocks, shares of Bharti Airtel Ltd inched up as much as 2.53 per cent and Vodafone Idea Ltd surged over 9 per cent after a ministry source said India had formed a panel to suggest ways to help ease financial pressures on the sector.
Liquefied natural gas exporter Petronet LNG Ltd rose as much as 6.11 per cent after the firm flagged upbeat quarterly results. IndiGo parent Interglobe Aviation Ltd added as much as 3.31 per cent after the airline placed an order for 300 Airbus A320neo-family jets worth at least $33 billion at recent catalogue prices.
However, the Nifty Auto index declined almost 1 per cent, with shares of Jaguar Land Rover owner Tata Motors slipping 2.85 per cent.