Mumbai (Maharashtra) [India], Aug 5 (ANI): Equity benchmark indices were on upswing during early hours on Wednesday amid positive global cues with metal and banking stocks leading the rally.

At 10:15 am, the BSE S&P Sensex was up by 408 points or 1.08 per cent at 38,096 while the Nifty 50 gained by 105 points or 0.95 per cent at 11,201.

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All sectoral indices at the National Stock Exchange were in the green with Nifty metal moving up by 2.2 per cent, private bank by 1.5 per cent and financial service by 1.2 per cent.

Among stocks, Hindalco was the top gainer by adding 3.6 per cent at Rs 168.20 per share while Tata Steel was up by 2 per cent to Rs 380.20.

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Private lenders Axis Bank and IndusInd Bank edged higher by 3 per cent and 2.2 per cent respectively while State Bank of India ticked up by 2.1 per cent.

Bajaj Finance and Bajaj Finserv were up by 2.5 per cent and 2.1 per cent. The other prominent gainers were UltraTech Cement and Grasim.

However, FMCG majors Nestle India, Hindustan Unilever and ITC were in the negative terrain along with Power Grid Corporation and Dr Reddy's.

Meanwhile, Asian markets were mixed as global investors hoped for a fresh stimulus in the United States to shore up the economy in the wake of Covid-19 crisis.

Hong Kong's Hang Seng moved up by 0.24 per cent while South Korea's Kospi gained by 0.93 per cent. But Japan's Nikkei was down by 0.63 per cent. (ANI)

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