The markets opened in the green. Sensex was up 262.05 points up or 0.52 percent at 50899.60. The Nifty was up 48.50 points or 0.32 percent at 15257 in opening trade.
At 09:16 AM, the Sensex was up 166.86 points or 0.33 percent at 50804.39. Nifty was up 34.00 points or 0.22 percent at 15242.50.
On Tuesday, the benchmark BSE Sensex was at 50,637 while the Nifty ended at 15,208 at end of trading session.
The market has become very stock-specific as wide movements have become stabilized for the time being, said an analyst. The rupee has shown some strength over the past couple of weeks and is at the two-month high levels of 72.8 per dollar. This can be seen with the eyes of lower crude import bill due to regional lockdowns all over the country. A much-needed boost to industries like tourism, aviation and hospitality and small and medium-sized companies which are the most affected ones due to the restrictions imposed by the COVID-19 pandemic is in the working by the finance ministry, he added.
The SGX Nifty was down and cues from global peers were mixed during the early hours of trade. Wall Street ended in the green on Tuesday, with Dow Jones falling 0.24 percent.
Asian shares rose on Wednesday while the US dollar stood near its lowest levels this year after US Federal Reserve officials reaffirmed a dovish monetary policy stance, providing yet more assurance to investors worried about the inflation outlook, Reuters said.
Fuel prices unchanged
A day after the hike, oil marketing companies (OMCs) on Wednesday kept petrol and diesel prices unchanged across the country. The price of petrol in Delhi continues to remain at Tuesday's level of Rs 93.44 a litre and diesel Rs 84.32 per litre.
In Mumbai, petrol is being retailed at Rs 99.71 a litre- just short of crossing another milestone of Rs 100. Diesel in the country’s financial capital costs Rs 91.57 per litre.
In Chennai, petrol is priced at Rs 95.06 per litre while the price of diesel is Rs 89.11 per litre. The price of petrol in Kolkata is Rs 93.49 per litre while diesel is sold at Rs 87.16 per litre.