Sensex rises over 300 pts, Nifty crosses 24,150; Bajaj Finance, IndiGo, Axis Bank top gainers

The Indian stock market opened higher on Wednesday amid positive global cues. Sensex rose 325 points to 77373 and Nifty gained 105 pts to 24,157 in early deals today. Among Sensex constituents, Bajaj Finance, IndiGo, Axis Bank, Asian Paints and ICICI Bank were the top gainers today, rising up to 3%. The stock market rose as Asian stocks were trading higher after softer inflation data in the US led to thinner expectations of a rate cut. 

Top Sensex losers were Infosys, TCS, Infosys and Tech Mahindra falling up to 2%. 

Rajesh Palviya, Head of Research, Axis Direct said, "The 24,200 level continues to be the immediate hurdle; a sustained move above it could pave the way towards 24,350–24,500. On the downside, 24,000, which coincides with the 20-day moving average, is a crucial support, and a decisive breach may accelerate weakness towards 23,900-23800. Going ahead, developments around crude oil prices and the Strait of Hormuz situation will remain the key drivers of near-term market direction."

VK Vijayakumar, Chief Investment Strategist, Geojit Investments said, "The best strategy during totally uncertain and complex times like these is to remain invested and continuing to invest in stocks in growth sectors which are fairly valued. Q1 results of leading banks, NBFCs and auto stocks will be good. Digital platform companies are likely to report good growth numbers.”

Previous session

Sensex fell 561 pts to end at 77,054 and Nifty lost 159 pts to 24,052. Among Sensex constituents, HCL Tech, Bajaj Finserv, IndiGo, SBI, M&M and L&T shares were the top losers.