Mumbai: Bolstered by positive global cues, Indian equity market opened on a strong note on Wednesday and Sensex jumped 440 points in early trade. On Wednesday, the 30-share BSE Sensex surged by 440.04 points or 0.76 percent to end at 58,340.23 points while the broader NSE Nifty rose by 109.6 points or 0.64 percent to settle at 17,152.90 points.
On Tuesday, Foreign Institutional Investors (FIIs) remained net sellers as they offloaded domestic equities worth Rs 3,086.96 crore, as per exchange data.
As many as 28 constituents of Sensex, including Maruti Suzuki, TCS and Reliance, were trading in the positive territory while in the Nifty pack, 45 scrips gained.
Asian markets, including Japan and Hong Kong, were trading in the green. US and European markets on Tuesday ended their trading sessions with gains as latest inflation data from the US indicated that price pressure might be easing.
In a pre-market note, Deepak Jasani, Head of Retail Research at HDFC securities, on Wednesday said that Indian markets could open higher, in line with positive Asian markets today and sharply higher US markets on Tuesday.
"US stocks ended sharply higher in volatile trade on Tuesday, rebounding from their steep losses in the aftermath of the failure of Silicon Valley Bank, as investors digested February inflation data which matched estimates and suggested pressure on prices may be easing," he said.
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