Markets trade firm amid strength in global equities

Benchmark indices began the trade on a positive note on Wednesday, extending its previous day rally, in line with firm global market trends.

The 30-share BSE Sensex climbed 250.14 points to 62,783.44. The broader NSE Nifty advanced 75.5 points to 18,683.50.

From the Sensex pack, Power Grid, Wipro, Tech Mahindra, NTPC, Tata Consultancy Services, HCL Technologies, Larsen & Toubro and State Bank of India were the major winners.

Bharti Airtel was the only laggard.

Elsewhere in Asia, equity markets in Seoul, Tokyo, Shanghai and Hong Kong were trading in the green.

The US markets had ended higher on Tuesday.

“All eyes will be on the US Federal Open Market Committee (FOMC) meeting on interest rate later in the day, as the outcome would set the tone for the rest of the equity markets across the globe,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.

The Sensex climbed 402.73 points or 0.65 per cent to settle at 62,533.30 on Tuesday. The Nifty advanced 110.85 points or 0.60 per cent to end at 18,608.

The lower-than-expected November CPI inflation in the US confirms the market expectation that the Fed will hike rate by only 50 basis points on Wednesday, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

International oil benchmark Brent crude dipped 0.20 per cent to USD 80.51 per barrel.

Foreign Institutional Investors (FIIs) turned buyers as they bought shares worth Rs 619.92 crore on Tuesday, according to exchange data.