Nifty Rises for 3rd Day, Sensex Jumps 373 Pts, Metals Lead the Rally

By Malvika Gurung

Investing.com -- Indian market indices continue to rise for the third day in a row, opening higher on Wednesday amid positive cues from Asian peers as Wall Street ended the overnight session on a strong note, after weaker-than-expected economic data indicated a slowdown in the world’s largest economy, stoking hopes of an ease in Fed rate hikes going forward.

Benchmark indices Nifty50 gained 0.54% to 19,448 levels, and Sensex surged 373 points or 0.59% at 11:07 am. The Indian market volatility barometer India VIX fell 6.2% in the ongoing session and was last seen trading 4.4% lower at 11.65 points.

Metal and IT sectors led the gains on Dalal Street on Wednesday, with buying seen across all the sectors.

Nifty Metal jumped 1.4% during the intraday trade, while Nifty IT followed, leading the upswing among major sectoral indices listed under the Nifty umbrella. Nifty Bank traded 0.35% higher while writing.

The demerged financial services undertaking of Reliance Industries Ltd (NS:RELI) (RIL), Jio Financial Services Ltd (NS:JIOF) was the top gainer on Nifty 50, followed by Tata Steel (NS:TISC), Axis Bank (NS:AXBK) and Hindalco (NS:HALC), while the state-owned giants Bharat Petroleum (NS:BPCL) and PowerGrid Corporation (NS:PGRD) led the losses on the headline pack.

The metals sector rallied in anticipation of further green shoots from the Chinese government and central banks, aimed at improving the local economy, stated Vinod Nair, Head of Research at Geojit Financial Services, in a note sent to Investing.com.