Indian equity markets advanced on Wednesday led by bluechip stocks in metals, banks and energy sectors. The optimism that the US and China would move closer to a trade deal ahead of US President Donald Trump’s meeting with his Chinese counterpart Xi Jinping at the Group of 20 nations summit next week in Japan’s Osaka lifted sentiments.

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The 30-share S&P BSE Sensex surged 130 points, or 0.33 percent, to 39,176.60 in initial trade. The broader 50-share NSE Nifty50 also gained 53 points, or 0.45 percent, to at 11,744.50.

At 9.40 am, the Sensex traded over 333 points higher, or 0.85 percent, at 39,379.83, while the Nifty was up 102 points, or 0.87 percent, at 11,793.55.

Broader markets remained positive with the Nifty MidCap rising 0.46 percent. The Bank Nifty was up 0.58 percent in early trade and surged further to almost a percent.

Only two sectoral indexes traded lower, while BSE Metal was leading the 41 advancing sectors.

Among index gainers, Tata Steel surged 3.55 percent as Shanghai rebar rose 1.4 percent.

Indiabulls Housing Finance, Tata Motors, Hindalco and Titan were other major gainers rising between 1 and 3 percent.

Yes Bank, Wipro, Bharti Infratel, Dr Reddy's Labs and BPCL slipped by up to a percent.

Jet Airways fell 22 percent, hitting a fresh 52-week low of 28.60 on NSE. The aviation firm's stock has lost over 77 percent in the last 10 days.

Shares of Jain Irrigation Systems fell for the fourth consecutive session as concerns over liquidity status of the company continued after India Ratings and Research downgraded the company's debt rating. Shares were down more than 8 percent, hitting another 52-week low of Rs 23.60.

The rupee opened higher

against the greenback on Wednesday ahead of the US central bank's meeting later in the day. The home currency opened at 69.57 and touched a high and a low of 69.51 and 69.58 a dollar, respectively.

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