Sensex Up Over 500 Points; Nifty Tops 10,150

Indian shares opened sharply higher on Wednesday, mirroring firm global cues as investors cheered prospects of more government stimulus and a global economic recovery from the coronavirus pandemic.

The benchmark S&P BSE Sensex jumped 532 points, or 1.57 percent, to 34,357 in early trade, while the broader NSE Nifty index was up 172 points, or 1.72 percent, at 10,151.

SBI rose 1.4 percent and ICICI Bank rallied 3.7 percent after cutting their savings bank deposit rates.

Reliance Industries gained over 1 percent after its mega rights issue was subscribed more than 1.3 times on the penultimate day of the offer.

Britannia Industries soared almost 6 percent after it reported a 26 percent year-on-year jump in its fourth quarter net profit.

Lupin advanced 1.2 percent. The company has received approval from the United States Food and Drug Administration for Meloxicam Capsules.

Dhampur Sugar Mills surged 4.3 percent after its consolidated profit declined 3.4 percent in the quarter ended March.

Transport Corporation of India added 2.8 percent despite reporting a 25 percent fall in quarterly consolidated net profit.

InterGlobe Aviation jumped 3.3 percent despite the company posting a net loss of Rs 871 crore during the March quarter versus profit of Rs 596 crore in the year-ago period.