Equity indices advanced in early trade as buying resumed after recent market slide. All sectoral indices on the NSE traded in the green.
The barometer index, the S&P BSE Sensex, was up 262.72 points or 0.46% to 56,563.65. The Nifty 50 index added 85 points or 0.5% to 17,177.20.
In the broader market, the S&P BSE Mid-Cap index rose 0.92% while the S&P BSE Small-Cap index gained 1.37%.
The market breadth is strong. On the BSE, 2222 shares rose and 559 shares fell. A total of 91 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,245.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,108.58 crore in the Indian equity market on 22 February, provisional data showed.
Stocks in Spotlight:
Wipro rose 0.43%. The IT major announced that it has formed a joint go-to market partnership with vFunction, a Palo Alto-based startup that has developed a scalable, AI-based technology platform for modernizing Java applications and accelerating migration to the cloud.
Dilip Buildcon added 3.49% after the road construction company announced that it was declared as L-1 bidder for a new HAM project under Raipur-Visakhapatnam in Chhattisgarh. The order is worth Rs 1141 crore.
Global Markets:
Most Asian stocks were trading higher on Wednesday as investors continue monitoring the intensifying crisis surrounding Ukraine. Markets in Japan are closed on Wednesday for a holiday.
Wall Street's main indices fell on Tuesday, with the S&P 500 confirming a correction, as the Ukraine-Russia crisis kept investors on the edge after Russian President Vladimir Putin recognised two breakaway regions in the country and ordered troops to the area.
U.S. President Joe Biden said Tuesday Russia has begun “an invasion” of Ukraine and announced sanctions against Russian banks and the country's sovereign debt, among others. Biden's announcement came following the Russian parliament's approval of President Vladimir Putin's Tuesday request to use military force outside the country's borders.
On the economic data front, the IHS Markit manufacturing PMI rose to 52.5 in February from 50.5. The IHS Markit services PMI jumped to 56 in February from 51.1 the month prior.
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