RIL, bank stocks drive Sensex 185 points higher in early trade; Nifty near 10,350

NEW DELHI: Domestic benchmark indices rose in Wednesday’s early trade, led by gains in index heavyweight Reliance Industries and banking and financial stocks. However, mixed cues from global peers and fast rising Covid count kept the gains in check.

Total number of Covid-19 patients in India reached over 5.8 lakh while fatalities climbed above 17,400 levels. Meanwhile, US recorded 47,000 infections on Tuesday, its biggest single-day spike since the pandemic began.

At 09.18 am, BSE flagship Sensex was up 185 points or 0.53 per cent to 35,102 while NSE benchmark Nifty gained 47 points or 0.39 per cent to 10,349 . Auto, FMCG and PSU banks were in demand while media stocks were under selling pressure.

Broader market indices were faring worse than their headline peers as dipped 0.25 per cent while Nifty Midcap slipped 0.28 per cent. Broadest index on NSE, Nifty 500 was up 0.02 per cent.

Barring Nifty Auto and Nifty FMCG that gained upto 0.30 per cent, all sectoral indices were trading with losses on NSE. Nifty Media was the biggest loser, down 0.61 per cent while Nifty Metal and Nifty Realty also fell about 0.5 per cent each.

Globally, Asian stocks struggled for headway as the second half of the year got underway, with improving economic data offset by worries that surging cases in the United States could derail the world’s recovery before it properly begins.

Following firm U.S. housing data and signs of a rebound in Europe’s economy, the latest boost to sentiment came from Chinese factory activity gathering steam in June, with the Caixin/Markit manufacturing PMI rising to 51.2 compared with expectations for 50.5.

’s broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent, led by gains in Korea and China. Japan’s Nikkei slipped 0.2 per cent, though, U.S. stock futures fell 0.3 per cent and gold sat close to an eight-year peak, pointing to elevated caution.