The Indian equity benchmark indices opened higher on Wednesday following positive trading cues from the global markets, extending gains from the Budget day session.

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At 9:15 am, the Sensex opened 0.7 percent or 430 points higher at 59,293. Nifty50 index opened at 17,706 -- up 130 points or 0.7 percent. The broader market indices were trading higher as well.

Among the sectoral indices on Nifty, all the gauges were trading in the green, with Nifty Bank up over 1 percent. Nifty Auto was rising over 0.8 percent and Nifty PSU Bank was up over 1.4 percent. Nifty IT climbed 0.15 percent in early trade.

Bluechips leading the gains on the Nifty50 index were Kotak Mahindra Bank, ITC, Bajaj Finance, Power Grid, and Eicher Motors. Some nine stocks opened in the red, with Tech Mahindra, Britannia, Adani Ports, Sun Pharma, and UltraTech Cement leading the losses.

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While the stock market cheered on budget day, rising over 1 percent, the bond market witnessed a sell-off, sending bond yields surging. Bond yields on 10-year bonds surged to 6.828 percent Wednesday morning, the levels last seen in July 2019.

The bond sell-off picked pace after the government announced increased borrowing in the FY23 budget to Rs 14.95 trillion to support a bigger annual budget of Rs 39.45 trillion. Finance Minister Nirmala Sitharaman said the fiscal deficit for the current financial year is 10 basis points higher than targeted earlier.

Globally, Asian shares surged with tracking stocks on Wall Street. Japan's stocks advanced 1.5 percent and Australian shares jumped nearly 2 percent. Trading in China, Hong Kong, South Korea, and Singapore markets was closed Wednesday for the Lunar New Year holiday. MSCI's broadest index of Asia-Pacific shares outside Japan was up over 0.3 percent.

US stock futures were trading mixed with Dow Futures slightly in the red. S&P Futures were up over half a percent and Nasdaq Futures were up nearly 1 percent as Google's Alphabet reported fourth-quarter earnings, beating estimates. The company has also announced a 20 for 1 stock split.

Over in commodities, US crude oil was surging over 0.2 percent to $88.37. Meanwhile Brent crude was at $89.34 as investors eyed OPEC+ meeting amid speculations that oil cartel might boost output as tensions in the Middle East and Europe surge. And spot gold was down 0.2 percent at $1,798.

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