Mumbai, October 21 (TNA) Indian equity markets opened sharply higher on Wednesday after the Dussehra holiday, tracking gains in Asian markets and positive global cues. The Sensex rose more than 300 points in early trade, while the Nifty 50 climbed above the 23,000 mark.
The Sensex opened at approximately 74,850, gaining nearly 1,000 points from its previous close of 73,852.90. The Nifty 50 opened around 23,150, up from Monday’s close of 22,888.95. Gains in global markets and a positive indication from GIFT Nifty, which was trading about 97 points higher at 23,028.5 before the opening bell, supported the strong open.
Jio IPO in focus
Investor attention was also centred on the ₹30,188-crore Jio Platforms IPO, which opened for subscription on Wednesday. The issue, priced in the ₹1,065–₹1,119 range, is expected to draw significant market participation from institutional and retail investors.
The IPO’s opening comes after strong anchor demand, with institutional bids reportedly worth around ₹2.5 lakh crore from more than 70 investors.
Global market cues
Asian markets were largely positive in early trade, while Wall Street’s mixed performance and elevated crude oil prices remained key factors for investors. Brent crude was trading near $110 a barrel, which could limit gains in rate-sensitive and import-dependent sectors.
Market participants are also tracking foreign institutional flows, the rupee’s movement against the US dollar and fresh corporate earnings announcements.
Previous session
The domestic market had closed sharply lower on Monday before the Dussehra break. The Sensex fell 876.37 points to 73,852.90, while the Nifty declined 257.20 points to close below the 22,900 level. Analysts said volatility could remain high during the session as investors respond to global developments, crude prices and demand for the Jio IPO.
Opening snapshot:
• Sensex: Around 74,850, up nearly 1,000 points from Monday’s close.
• Nifty 50: Around 23,150, above the 23,000 mark.
• Previous Sensex close: 73,852.90.
• Previous Nifty close: 22,888.95.