Stock market opening bell: Sensex surges over 326 points, Nifty at 23,111 in early trade

Stock market update: In the early trade, the 30-share BSE Sensex rose 326.86 points to 76,212.83. Meanwhile, the Nifty was also up by 87.60 points to 23,111.25.

Stock market update: Equity benchmark indices surged in early trade on Wednesday amid strong trends in Asian markets and unabated foreign fund outflows. In the early trade, the 30-share BSE Sensex rose 326.86 points to 76,212.83. Meanwhile, the Nifty was also up by 87.60 points to 23,111.25. 

Major gainers and laggards

Among the top performers on the BSE were Infosys, Sun Pharma, and Larsen & Toubro (L&T), while Zomato, Tata Motors, and Power Grid led the list of laggards. Similarly, on the NSE, Sun Pharma, Britannia, and Infosys emerged as the top gainers, whereas Trent, BEL, and Power Grid were the major losers.

Despite the gains in benchmark indices, broader markets faced challenges. The Nifty SmallCap index fell by 0.7%, and the Nifty MidCap index was trading 0.6% lower. Sectoral indices showed mixed trends, with Nifty Realty and Consumer Durables being the worst performers, shedding up to 1.5%.

Investors are keeping a close watch on the December quarter (Q3FY25) results, with market heavyweights like HDFC Bank, Hindustan Unilever, and Bharat Petroleum Corporation Limited (BPCL) set to announce their earnings today. The performance of these companies is expected to influence market sentiment further as the day progresses.

Initial Public Offerings 

India's managed flexible workspace sector is gearing up for a landmark year, with five major Initial Public Offerings (IPOs) poised to raise over Rs 7,000 crore. The sector, fueled by the growing adoption of hybrid work models, has experienced remarkable growth, making it a focal point for corporate strategies and investor interest alike.

As businesses transition to flexible office solutions, the demand for managed workspaces has surged. This trend shows a broader shift in workplace dynamics, driven by the need for cost-efficient, adaptable, and employee-centric office setups. The upcoming IPOs are set to capitalise on this momentum, offering key investors a lucrative exit opportunity while attracting fresh capital to fuel expansion.

Rupee against dollar 

Meanwhile, the rupee pared initial gains and settled for the day lower by 13 paise to 86.58 against US dollar on Tuesday, tracking heavy sell-off in the domestic equity market and a recovery in the US dollar index. Forex traders said the dollar weakened from its 109 levels but clawed back to 108.66 as Donald Trump declared tariffs against Canada and Mexico in the near future but stopped short of declaring any tariffs against China.

Rupee is expected to see high volatility ahead of key events in the global and domestic economic landscape, they added. At the interbank foreign exchange, the rupee opened on a positive note at 86.28 against the greenback. During the day, the local unit touched an intraday high of 86.28 and a low of 86.64.

(With PTI inputs)