The Indian equity benchmark indices opened higher on Wednesday led by gains in banking and FMCG stocks on support to investor sentiment as various states in the country issued guidelines on gradually opening up businesses and economic activities.

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At 9:20 am, the Sensex traded 279.79 points or 0.93 percent higher at 30,475.96, while the Nifty50 index gained 88.60 points or 1 percent to 8,967.70. Nifty Smallcap100 and Nifty Midcap100 traded 0.83 and 0.91 percent higher, respectively.

Barring Nifty IT, all other sectoral indices were trading with gains led by Nifty Bank, Nifty Financial Services and Nifty FMCG.

UPL, Zee Entertainment, Shree Cement, Larsen & Toubro and ITC led gains among Nifty constituents while Hero MotoCorp, IndusInd Bank, Adani Ports & SEZ, Wipro and Bajaj Finance were the top index losers.

Reliance Industries’ rights issue, its first in three decades, opens today and closes on June 3. The company will raise up to Rs 53,036.13 crore, of which Rs 39,755.08 crore would be used for paring debt. RIL is offering one share at Rs 1,257 to existing shareholders for every 15 held in the company.

Shares of NBFC major Bajaj Finance fell over 1 percent after it reported 19.4 percent YoY decline in Q4FY20 net profit to Rs 948 crore impacted by higher provisions but supported by lower tax as the company adopted a reduced rate of 25.17 percent for computation of income tax.

Meanwhile, in Asia, stocks struggled to extend the week's rally on Wednesday and gold and bonds firmed as a skeptical press report dented some hopes for a COVID-19 vaccine and concerns about bumps in the global recovery from the pandemic returned. MSCI's broadest index of Asia-Pacific shares outside Japan was flat.

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(Disclaimer:

Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.)