Shrugging off weak trend in global markets, Sensex rises 54 points

Buoyed by forecast of a normal monsoon and shrugging off weak trend in global markets, the benchmark BSE Sensex rose over 54 points in opening trade on Wednesday after investors took to select stock-picking. The 30-share barometer was trading higher by 54.45 points, or 0.18%, at 29,373.55 with IT, power, technology, healthcare and FMCG sector stocks leading the recovery.

The gauge had lost 469.25 points in the previous four sessions, largely in tandem with a weak trend overseas on continued geo-political concerns. On similar lines, the NSE Nifty rose 15.35 points, or 0.16%, at 9,120.50.

The government's weather office on Tuesday forecast a normal monsoon during the June-September period, which is expected to give a leg up to the rural economy. Shares of the country's largest software exporter TCS rose 1.27% to Rs 2,338 on Wednesday after the company reported a 4.2% growth in net profit at Rs 6,608 crore for the quarter ended March 2017 on Tuesday. Other Asian markets turned lower following a negative lead from Wall Street and Europe as Britain's shock decision to call an early election added to global uncertainties.

Among other Asian markets, Hong Kong's Hang Seng was down 0.72% while Japan's Nikkei shed 0.09% in early trade. Shanghai Composite Index fell 1.15%. The US Dow Jones Industrial Average ended 0.55% lower in Tuesday's trade.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)