The BSE Sensex rises over 300 points,led by gains in technology shares as brokers raise the sector’s earnings estimates,citing higher demand from the United States and Europe. The broader NSE Nifty is also up 100 points.
Indian markets benefitted from partial shutdown in the US. Shares also track higher regional peers,which are seen finding comfort in expectations that major central banks might have to stay super-loose for longer.
The Sensex resumed higher at 19,585.79 and firmed up further to 19,823.95 before quoting at 19,804.35 at 1025 hrs,showing a gain of 287.20 points or 1.47 per cent from its last close.
The NSE 50-share Nifty also rose by 90.20 points or 1.56 per cent to 5,870.25 at 1025 hrs.
BSE Sensex had gained 137.38 points in the previous session,surged by 156.43 points,or 0.80 per cent,to Rs 19,673.58 with all sectoral indices led by metal and capital goods trading in positive zone.
Earlier,all BSE indices were in the green with the winners being metals,capital goods,IT indices. Coal India was the big gainer,the stock was up more than 5 per cent and Bharat Heavy Electricals Ltd (BHEL) around 2.5 per cent
All stocks in the BSE banking index were also in the green in early trade. Axis Bank shares rose 1.3 per cent,Kotak Mahindra Bank 1.3 per cent,Canara Bank gained 1.2 per cent while PNB rose 0.9 per cent.
The Indian rupee is trading at 62.10 versus the dollar,higher than Tuesday’s close of 62.46/47.
Asian shares turned higher in their early trade,shaking off a weak start following an encouraging reading on manufacturing activity in China.
Key benchmark indices in Japan,Hong Kong,Taiwan and Indonesia rose 0.11 per cent to 1.5 per cent while Singapore’ Straits Times fell by 0.1 per cent. Markets in mainland China are closed till 7 October 2013 for National Day holidays. US stocks fell yesterday as investors watched for progress on ending an impasse over federal spending that shut down the government for the second day.