Sensex up 350 points, auto stocks surge

The key Indian equity indices traded on a positive noted on Wednesday morning with the BSE Sensex gaining over 350 points.

Healthy buying was seen in auto and banking stocks.

Around 10.25 a.m., Sensex was trading at 49,300.42, higher by 356.28 points or 0.73 per cent from its previous close of 48,944.14.

It opened at 49,066.64 and has so far touched an intra-day high of 49,354.82 points.

The Nifty50 on the National Stock Exchange was trading at 14,742.70, higher by 89.65 points or 0.61 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The Index has crossed its resistance patch of 14,500-14,700 and is trading above 14,700 since the opening. If we can keep above this level on a closing basis as well, we should be headed to 15,000-15,100 levels.”

“A closing past 14,700 will signal a shift in the trend from sideways to bullish and thereafter dips or intra-day corrections can be utilised to buy into this market,” he said.