Indian stock markets rebounded on Wednesday morning, recovering from losses in the previous session, with banking and financial stocks driving the gains. Supported by positive cues from Asian markets, indices like BSE Bankex and NSE Nifty Bank rose by about 0.65% each, nearing their 52-week highs. HDFC Bank led the rally among financial stocks, contributing significantly to the broader market recovery.
During the first two hours of trading, the Sensex climbed around 0.85%, with the Nifty showing a similar rise. Companies such as Mahindra, Sun Pharma, Ultratech, and Nestle also posted strong gains, adding momentum to the market, along with financial heavyweights like HDFC Bank, Bajaj Finserv, Bajaj Finance, and SBI. IndusInd Bank and Kotak Mahindra Bank were the only notable financial stocks trading in the red.
Meanwhile, Asian indices including Kospi, SSE Composite, and Hang Seng traded positively, though Japan’s Nikkei was down, reflecting weak cues from U.S. markets the day before. On Tuesday, Indian markets had declined over 1% due to heavy selling by foreign institutional investors, who pulled out ?10,016.10 crore. The rupee also continued to weaken, falling 9 paise on Wednesday to 85.67 per U.S. dollar, after a 16 paise drop on Tuesday.
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