The 30-share BSE Sensex rose 186 points, or 0.23%, to 80,876, while the Nifty50 gained 58 points, or 0.23%, to trade at 24,592 around 9:19 am.
Other Asian markets opened higher on Wednesday, with the MSCI Asia ex-Japan index rising 0.9%, tracking overnight gains on Wall Street.
U.S. equities advanced after the White House indicated that President Donald Trump is likely to meet Chinese President Xi Jinping this week to push forward trade negotiations.
The Trump administration has asked countries to submit their best offers for trade talks by Wednesday, aiming to fast-track discussions with multiple partners ahead of a self-imposed deadline in five weeks, according to Reuters.
On the Sensex, Bharti Airtel, Tech Mahindra, IndusInd Bank, Maruti, Eternal, and HCL Tech opened with gains, while TCS, UltraTech Cement, ICICI Bank, Sun Pharma, and Titan declined in early trade.On the sectoral front, all indices opened higher except Nifty Oil & Gas. Nifty Auto, FMCG, and IT rose up to 0.55% in early trade.Among individual stocks, Vodafone Idea slipped nearly 2% after Ericsson India offloaded its remaining 0.6% stake in the company via a bulk deal, raising Rs 428.43 crore.
Experts View
“The recent Nifty range of 24000-25000 is likely to persist in the near-term. In the medium-term a breakout above 25000 is a clear possibility rather than a breakdown below 24000. Unexpected developments, however, can alter the scenario,” said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
“The strong fundamental factors that will support the market are India’s robust and improving macros and sustained flows into mutual funds, particularly the SIP inflows, which are steady and growing. This reflects the coming of age of the Indian retail investor,” Vijayakumar added.
Mandar Bhojane, Equity Research Analyst at Choice Broking, said, “Nifty may find support at 24,500, followed by 24,400 and 24,300. On the upside, 24,800 is expected to act as immediate resistance, followed by 24,900 and 25,000.”
Global Markets
Asian stocks inched higher on Wednesday, and the dollar wobbled near six-week lows as traders braced for higher U.S. duties on steel and aluminium, the latest chapter in the trade war saga that has rattled the markets for much of the year.
South Korea’s stocks and its currency surged as liberal presidential candidate Lee Jae-myung’s election victory raised hopes of swift economic stimulus, market reforms and easing policy uncertainty.
The benchmark KOSPI jumped more than 2% to its highest since August 2024. That left the MSCI’s broadest index of Asia-Pacific shares outside Japan 0.6% higher.
Japan’s Nikkei rose 0.8%, while Taiwan stocks jumped 1.6% after artificial intelligence behemoth Nvidia boosted U.S. stocks overnight.
FII/DII Tracker
Foreign Institutional Investors (FIIs) continued their selling spree for the third consecutive session on June 3, offloading equities worth Rs 2,853.83 crore. Meanwhile, Domestic Institutional Investors (DIIs) remained net buyers for the 11th consecutive session, investing Rs 5,907.97 crore in equities.
Crude Oil
Oil prices slipped in Asian trade on Wednesday, weighed down by concerns of increasing OPEC+ output and tariff tension that threatens the global economic outlook, though worries about Canadian supply provided a floor.
Brent crude futures dipped 23 cents, or 0.4%, to $65.40 a barrel by 0318 GMT, while U.S. West Texas Intermediate crude was down 25 cents, or 0.4%, at $63.16 a barrel.
Rupee vs Dollar
The Indian rupee fell 19 paise to 85.80 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.06% to 99.28 level.
(With inputs from agencies)
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