Sensex opens 219 points higher, Nifty breaches 22,400-mark

Stock market news: Indian stock markets opened on a positive note on Wednesday, with the Nifty 50 index breaching the 22,400 mark. The buoyant opening mirrored global peers' performance, indicating investor optimism amid ongoing earnings announcements.

The blue-chip BSE Sensex opened 219.12 points higher at 73,957.57 and the broader NSE Nifty 50 opened 53.55 points higher at 22,421.55

Leading the gainers' pack were Cipla, Axis Bank, JSW Steel, Tata Steel, Ultratech Cement, Nestle Ind, and Coal India. Conversely, Tata Consumer Products, IndusInd Bank, SBI Life, HDFC Life, Infosys, and HUL were among the top losers.

All broad market indices traded in green during early trade, reflecting the overall positive sentiment pervading the market.

Tata Consumer Products witnessed a decline of up to 5.7 per cent following its failure to meet fourth-quarter revenue estimates. The company's consolidated revenue from operations increased by 8.5 per cent to Rs 3,927 crore, falling short of analysts' expectations of Rs 3,991 crore, as per LSEG data.

In the earnings spotlight today are LTIMindtree Ltd, Hindustan Unilever Ltd, Equitas Small Finance Bank Ltd, DCB Bank Limited, AXIS BANK LTD., and 5paisa Capital Ltd. Investor focus remains keen on these companies' quarterly results as they unfold throughout the day.

Indian shares are riding high on global gains, with Asian markets opening higher following the overnight surge in US equities. Despite concerns surrounding a potential re-escalation of tension in the Middle East, the benchmark indexes Nifty and S&P BSE Sensex continued their upward trajectory for the third consecutive session on Tuesday.

Stocks to watch today

• Tata Elxsi: The company reported smaller-than-expected fourth-quarter profit, attributed to low discretionary spending and weak demand in the media and communications vertical.
• IIFL Finance: Following the Reserve Bank of India's directive for a special audit, the company, which was barred from disbursing gold loans, remains under scrutiny.
• ICICI Prudential Life: The company reported fourth-quarter earnings post-market closure on Tuesday, disclosing a lowered new business margin.