Opening Bell: Nifty above 16,300, Sensex gained nearly 200 points; IT, Pharma

In a mixed signal from the Asian market, the Indian market opened green as it extended gains for the third day in a row on Wednesday.

The benchmark Nifty 50 and the Sensex started up about 0.4% as the previous one opened above 16,300 and the latter rose about 200 points.

The two indices opened at 16,318.15 and 54,554.89 respectively.

In broader markets, the Nifty midcap and small cap also rose nearly half a percent.

Sector-based, with the exception of metals, all Nifty indices sat green. Nifty Pharma and IT were the top gainers among the sectoral indices

In the pre-open, extended gain, the S&P BSE Sensex rose more than 200 points as 25 stocks advanced and the 30-share index fell five.

Earlier on Wednesday, there was mixed trading in Asian markets. The Japanese Nikkei 225 traded up 87 points, with the Hang Seng index down nearly 150 points on the Hong Kong exchange, while the Chinese Shanghai Composite fell slightly to 8 points in the first trade.

The SGX Nifty index was also negative as the futures index on the Singapore Exchange traded down 60 points at 8am on Wednesday.

On Friday, US markets closed near their day high. The Dow Jones gained 400 points, the Nasdaq gained 300 points and the S&P 500 gained 81 points at the end of Friday.

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