Sensex above 32,240; Nifty above 10,100; BSE MidCap index hits fresh record high

Benchmark indices were trading in the green at around 11.35 am (IST) after recovering from a choppy start to Wednesday's session.

BSE Sensex was trading 83 points or 0.26 per cent higher at 32,241.87 while Nifty50 was trading firmly above 10,100 mark at 10,106.40, up 0.13 per cent.

BSE MidCap index hit fresh record high of 16,142 extending the winning streak for a third session with shares of Wockhardt (up 7.89 per cent), Tata Power Company (up 5.99 per cent), Ajanta Pharma (up 4.72 per cent) and GMR Infrastructure (up 4.02 per cent)fueling the rally.

Barring Nifty FMCG (down 0.77 per cent) and Nifty Metal (down 0.53 per cent), all sectoral indices were trading in green.

09.22 am: Sensex, Nifty start on a choppy note; M&M, TCS top gainers
Benchmark indices opened on a choppy note on Wednesday as weak factory output figures for July and a rise in retail inflation reading for August weighed otherwise positive technical charts and firm global cues.

At 9.22 am, the BSE Sensex was trading 10 points, or 0.03 per cent higher at 32,169, as buying in Reliance Industries, TCS and Mahindra & Mahindra outweighed selling in HDFC Larsen & Toubro and ITC.

The BSE Midcap and the BSE Smallcap indices rose up to 0.5 per cent.

Among Sensex stocks, M&M, TCS, Tata Motors and Adani Ports advanced 1.33 per cent, 1.10 per cent, 0.90 per cent and 0.86 per cent, respectively. Losers included L&T, which fell 0.84 per cent to Rs 1,218. ITC, Cipla and Kotak Mahindra Bank fell up to 0.75 per cent.

"The ease in the geo-political issues has triggered the recent rebound but we haven't seen a decisive move in the benchmark so far. However, buying trend in broader market is telling a different story. As Nifty has reclaimed the 10,000 mark again, a possibility of retesting the previous record is high, but the upmove could only be gradual. Maintain stock specific trading approach and be selective in fresh buying," said Jayant Manglik, President, Retail Distribution at Religare Securities.

Meanwhile, Asian shares inched up to a 10-year high on Wednesday, cheered by record highs on Wall Street, while the dollar’s rise against the yen helped boost Japanese shares, reports Reuters. MSCI's broadest index of Asia-Pacific shares outside Japan was slightly higher in early trade, while Japan's Nikkei stock index added 0.4 per cent to hit a one-month high, getting a tailwind from a weaker yen.