Infosys, HDFC Bank lift Sensex over 400 points, Nifty tops 23,100

Domestic benchmark equity indices, Sensex and Nifty50, opened higher on Wednesday, led by gains in banking and IT stocks. This follows a more than seven-month low hit in the previous session, amid uncertainty over US policy direction under President Donald Trump and concerns over corporate earnings. At 9:20 am, the BSE Sensex was up 400.96 points, or 0.53%, at 76,239.32, while the Nifty50 gained 93.00 points, or 0.04%, to trade at 23,117.65 . From the Sensex pack, Sun Pharma , Infosys , TCS , ITC , L&T, and Maruti opened with gains, while Zomato , Tata Motors , Tata Steel , Power Grid , and SBI opened in the red. Among individual stocks, IndiaMart InterMesh hit a 10% lower circuit after reporting weak Q3 earnings. ICICI Prudential Life Insurance Company shares also dropped 8.5% in early trade following disappointing Q3 results. 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Experts Take "President Trump’s orders and announcements, so far, have been disruptive. He is doing tough talking initially to send the message that more stern measures are in the offing. Trump’s threat to impose 100% tariffs on BRICS if they attempt dedollarization is a repeat of his election campaign rhetoric. It appears that the markets took this threat too seriously," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. "Nifty is down around 12% from the 2024 September highs. The correction provides a good opportunity for long-term investors to buy quality stocks, which are now available at fair valuations. The key to success will be patience," Vijayakumar suggested. Hardik Matalia of Choice Broking, said, "After a positive opening, Nifty can find support at 22,950 followed by 22,800 and 22,600. On the higher side, 23,100 can be an immediate resistance, followed by 23,250 and 23,400." Global Markets Global stocks gained on Wednesday as a flurry of new policies from U.S President Donald Trump combined with robust corporate earnings to bolster investor optimism, while tariff uncertainty kept the dollar near two-week lows. Netflix shares surged 14% in after-hours trading as the streaming giant added a record number of subscribers last quarter, enabling it to increase prices for most service plans in the United States and other countries. That helped lift Nasdaq futures 0.5% in Asia. S&P 500 futures also rose 0.2%. Japan's Nikkei jumped 1.4%, tracking broad gains on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% as falls in Chinese stocks offset broad gains in Taiwan and South Korea. FII/DII Tracker The Foreign institutional investors (FIIs) extended their selling on the 13th day as they sold equities worth Rs 5,920 crore on January 21, on the other hand, domestic institutional bought equities worth Rs 3,500 crore on the same day. Crude Oil Oil prices were little changed in early trading on Wednesday as markets weighed US President Donald Trump's declaration of a national energy emergency on his first day in office and its impact on supply. Brent crude futures eased 3 cents, to $79.26 per barrel, while US West Texas Intermediate crude futures (WTI) for March delivery eased 9 cents to $75.74 at 0120 GMT. Currency Watch The Indian rupee fell 1 paisa to 86.59 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.06% to 108.12 level. (With inputs from agencies) (You can now subscribe to our ETMarkets WhatsApp channel )