The Indian equity benchmark indices opened higher on Wednesday as Asian and American stocks declined on the fears of coronavirus threatening global economic recovery.

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At 9:15 am, the Sensex opened 0.50 percent, or 281.04 points, higher at 56,073.31, and the Nifty50 index opened at 16,691.95, up 77.35 points, or 0.47 percent. Broader markets, midcap and smallcap indices were trading higher.

HDFC Bank, Eicher Motors, UltraCement Co, Shree Cement, and Grasim were the top gainers on the Nifty50 index. HDFC Bank rose over two percent after the central bank lifted the ban on issuing credit cards.

Wipro, IndusInd Bank, Infosys, Tata Motors, and JSW Steel were major losers on the index, with Wipro declining nearly one percent.

Among NSE's sectoral gauges, private banks, FMCG, auto and financial services indices gained the most, whereas Nifty Metals, Nifty PSU Bank and Nifty IT opened lower.

Globally, Asian shares held near year-to-date lows Wednesday as overnight declines on Wall Street reinforced worries about the economic impact of the Delta coronavirus variant sweeping through the region. Meanwhile, the Reserve Bank of New Zealand has held off a widely expected decision to raise interest rates.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.19 percent, having fallen for the past five sessions, and traded just above year-to-date lows touched in July.

Overnight, Wall Street fell after retail sales came in below expectations and valuations become increasingly stretched. All the major benchmark indices fell over half a percent. US Stock futures were little changed in Asian hours.

Over in the currency markets, the dollar hit a nine-month high against the euro and held near recent peaks against other major currencies. Oil continued declining for the fifth straight session in a row, with major benchmarks falling 0.1 percent.

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