National stock markets opened in the positive after falling 1 percent in the previous session. At 9:20 a.m., the BSE Sensex was trading at 48,503.21, up 253.56 points or 0.52% and the NSE Nifty was at 14,573.50, up 71.35 points or 0.51 %. The larger markets outperform their large cap peers, with the BSE Midcap Index gaining 0.7 percent and the BSE Smallcap Index adding 0.9 percent.
Meanwhile, the Reserve Bank of India has said Governor Shaktikanta Das will deliver an unscheduled speech at 10:00 a.m., as the second wave of coronavirus continues to devastate the country.
Asian stocks were at risk of falling for a fourth straight session on Wednesday, as sentiment took a hit on the selling of Wall Street’s large-cap tech darlings, combined with talks about rising U.S. interest rates.
Holidays in Japan, China and South Korea limited the early reaction, leaving the larger MSCI Asia-Pacific equity index outside of Japan hesitant on either side of the dish. Japan’s Nikkei was closed, but futures were down to 28,735 from the last cash close of 28,812.
Overnight, the Nasdaq fell more than 2% on Tuesday as sharp declines in mega-cap growth stocks pushed Wall Street below record trading levels as investors sought shelter in more defensive parts of the market. The Dow Jones fell 0.69%, the S&P 500 fell 1.34% and the Nasdaq Composite fell 2.73%.
On the earnings front, Tata Steel, Adani Enterprises and Adani Green will report their results for the quarter ended March 2021.