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Sensex, Nifty Up Firmly In Positive Territory After Steady Start

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The Indian market remains firmly up in positive territory after a steady start Wednesday morning, with stocks from financial, technology, healthcare, capital goods and power sectors posting strong gains.

The benchmark BSE Sensex, which climbed to 54,786.00 after opening with a positive gap of nearly 230 points at 54,554.89, is up 255.41 points or 0.47% at 54,5473.88.

The National Stock Exchange's Nifty is up 84.80 points or 0.52% at 16,344.10. The index surged to 16,399.80 before paring some gains.

On Tuesday, the Sensex ended with a sharp gain of 2.54%, while the Nifty gained 2.63%.

Axis Bank is up nearly 2%. Asian Paints, Sun Pharmaceutical Industries, Bajaj Finance, Tata Steel, IndusInd Bank, Maruti Suzuki, HDFC Bank and Dr Reddy's Laboratories are gaining 1 to 1.5%.

Bajaj Auto, the top gainer in the Nifty index, is up more than 2%. Adani Ports, Tata Consumer Products, Cipla, Asian Paints, Divi's Laboratories, Eicher Motors, Britannia Industries and UltraTech Cement are up 1 to 1.8%.

Power Grid Corporation is down nearly 2%. State Bank of India, NTPC and Reliance Industries are down with modest losses.

Bharti Airtel is down by about 0.8%. The company reported consolidated net profit of Rs 2,008 crore for the January-March 2022 quarter, up from Rs 759 crore in the year-ago quarter.

Indian Oil Corporation shares are down nearly 4% after the company reported a 26% drop in net profit for the quarter ended March 2022 at Rs 6,645.72 crore, compared to its net profit a year ago.

IRB Infra's net profit rose to Rs 175 crore in the quarter ended March 2022, up 80 percent, compared with its net profit in the corresponding quarter last year. The stock is down by about 0.4%.

Life Insurance Corporation of India, which made a weak debut on Tuesday, is modestly higher this morning. After advancing to Rs 891, the stock pared some gains and is currently at Rs 881, up 0.6% from the previous close.

The market breadth is pretty strong. On BSE, as many as 2213 stocks are up in positive territory. 878 stocks are weak, while 118 stocks are hovering around their previous closing levels.

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