Among the Nifty 50 stocks, Yes Bank, Bharti Airtel, Hero MotoCorp, HCL Tech and TCS were the top gainers – up between 1 percent and 2 percent in morning trade. Other gainers included Tata Motors, IOC and Maruti Suzuki India – rising around 0.8 percent.
On the other hand, Ambuja Cements, ICICI Bank and Axis Bank were among the top losers on the 50-scrip NSE index. At 9:28 am, the Sensex was up 146 points at 34,592 while Nifty traded at 10,622, up 39 points.
Market observers would be closing watching new Federal Reserve Chairman Jerome Powell’s highly-anticipated first congressional testimony later in the day. Mr Powell’s debut appearance is seen as critical for financial markets at a time when many investors are nervous about the Fed’s policy normalisation following years of stimulus after the financial crisis almost a decade ago.