The domestic equity market opened in the green as indicated by SGX Nifty in the early tradae on Wednesday. SGX Nifty Futures was trading higher by more than 90 points on the Singaporean exchange around 9 am on Wednesday.  

Benchmarks Nifty50 and the Sensex opened on a positive note, tracking improved global cues on Wednesday, as the former reclaimed 17,000-mark, while the latter gained more than 200 points. The two indices gained around 0.4% to open at 17,045.25 and 56,741.43 respectively.  

Sectorally, Auto, FMCG, oil & gas, media and realty were in the green, while banking, financial services, pharma and healthcare declined.  

Share Bazaar Live: Stock market opened with a green mark on the third trading day, Nifty above 17, 000, Sensex gains over 200 points

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V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said that dominant near-term feature of this market is the massive FII selling.

"In a context devoid of positive news, this massive delivery based selling, particularly in bluechips, is dragging the market down. An important point to note is that yesterday the market collapse happened in the last hour. This indicates ETF selling. There is a clear see-saw battle between the pessimistic FIIs and the optimistic DIIs. Who will ultimately win this battle only time can tell," underlined Vijayakumar. 

Meanwhile, retail investors can bottom fish in this market where indiscriminate ETF selling has dragged down high quality stocks with good earnings visibility, said the expert. "There is good value emerging in telecom and select financials.  If IT, which is weak now, corrects further, there  will be opportunities for cherry picking. Calibrated  buying can begin now," he added. 

n the pre-open, the Sensex gained more than 300 points as 20 shares advanced, seven declined and three remained unchanged on the 30-share index. 

"Nifty closed lower at 16,959 on Tuesday forming a big red bar, while VIX ended at ~20-level. The Index violated the previous day’s low and also the psychological 17,000-mark with price intensity. The immediate support for the Index is seen at 17,800-level, failing to hold on to that might result in sharp corrective move towards 16,40.-16,500 zone," Viraj Vyas, Technical and Derivatives analyst at Ashika Broking.  

Earlier, Asian markets started off Wednesday morning on a mixed note as Japanese Nikkei 225 was trading 0.57% higher, Hang Seng Index fell 0.4% and Shanghai Composite dropped nearly 0.5% in the morning trade on Wednesday.  

On Tuesday, all major Wall Street indices ended in the green as Dow Jones settled with 1.45% gains, Nasdaq ended 2.15% higher and S&P 500 closed with 1.61% gains on Tuesday.