The Indian stock market opened on a firm note Wednesday morning, with crude oil's sharp plunge overnight triggering some strong buying in early trades.
Remarks by the World Bank that demonetization will help lift economic activity over the medium term and the Prime Minister Narndra Modi's comments that the government is committed to continue economic reforms aided sentiment.
The BSE benchmark Sensex is up 150 points or 0.55% at 27,049.56, after scaling a high of 27,078.69 earlier. The Nifty50 of the National Stock Exchange, which rose to 8345.45, is now at 8340.50, up 52.90 points or 0.63% from its previous close.
In the forex market, the rupee opened at 68.23 against the U.S. dollar, down 5 paise from its previous close of 68.18.
IndusInd Bank is gaining 5.5% on good results. The bank said that its net profit increased 29.2% to Rs 750.6 crore in the quarter ended December 2016, compared with Rs 581.02 crore in year-ago period. Net interest income during the quarter increased 34.51% year-on-year to Rs 1578.42 crore, driven by loan growth.
Gross non-performing assets of IndusInd Bank increased moderately to 0.94% from 0.90% and net NPA rose to 0.39% from 0.37% in previous quarter. In absolute terms, gross NPAs jumped 8.1 percent sequentially to Rs 971.6 crore. Net NPAs increased 8.5% at Rs 400.7 crore in the quarter ended December 2016.
Tata Steel, Hindalco, Coal India, Zee Entertainment Enterprises, Ambuja Cements, Yes Bank, ACC, UltraTech Cement and Larsen & Toubro are up 1.5% - 3.2%.
Lupin, ICICI Bank, Maruti Suzuki, Adani Ports, Bharti Airtel, Idea Cellular, State Bank of India, Grasim Industries, HDFC, Sun Pharmaceutical Industries, Wipro, Hindustan Unilever, Bank of Baroda, Tata Power and BHEL are up 0.5% - 1.4%.