Sensex, Nifty Edge Higher; Metal Stocks Fall, Banking Shares Subdued

Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher ledby the Nifty Media index's nearly 2 per cent gain.

The Indian equity benchmarks edged higher in opening deals on Wednesday, a day ahead of monthly expiry of May futures and option contracts. The Sensex rose as much as 264 points to hit an intraday high of 50,637.53 and Nifty 50 index touched an intraday high of 15,258.60. As of 9:23 am, the Sensex was up 75 points at 50,712 and Nifty advanced 13 points to 15,211. Asian shares rose on Wednesday while the US dollar stood near its lowest levels this year after US Federal Reserve officials reaffirmed a dovish monetary policy stance, providing yet more assurance to investors worried about the inflation outlook. Seven of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Media index's nearly 2 per cent gain. Auto, pharma and realty indices were also trading higher.