Sensex soars over 350 points; Nifty near 11,800https://indianexpress.com/article/business/market/sensex-soars-over-350-pts-nifty-near-11800-5787813/

Sensex soars over 350 points; Nifty near 11,800

The 30-share index was trading 367.24 points, or 0.94 per cent, higher at 39,413.58 at 0930 hours. Similarly, the broader NSE Nifty was quoting 104.75 points, or 0.90 per cent, up at 11,796.25.

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On the currency front, the Indian rupee appreciated 16 paise to 69.53 against the US dollar. (Express file Photo by Ganesh Shirsekar)

Domestic equity benchmark BSE Sensex rallied over 350 points Wednesday driven by gains in banking and IT stocks, amid positive cues from global markets ahead of US Fed policy outcome.

The 30-share index was trading 367.24 points, or 0.94 per cent, higher at 39,413.58 at 0930 hours. Similarly, the broader NSE Nifty was quoting 104.75 points, or 0.90 per cent, up at 11,796.25.

In the previous session Tuesday, the BSE gauge settled 85.55 points, or 0.22 per cent, higher at 39,046.34, while the Nifty closed 19.35 points, or 0.17 per cent, higher to end at 11,691.50.

Top gainers in the Sensex pack in early trade included Tata Steel, Kotak Bank, Vedanta, Tata Motors, Axis Bank, Yes Bank, SBI, IndusInd Bank, Maruti, HDFC twins and RIL, rising up to 3.46 per cent.

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While, Bharti Airtel and Hero MotoCorp were the only losers in index, shedding up to 0.35 per cent.

Global equities are witnessing a liquidity-fuelled rally as comments from central banks globally hinted at a rate cut, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

“In a scenario of slowing global growth and benign crude prices, policymakers are reverting to easy monetary policy and lowering the cost of capital,” he added.

Investors across the globe are awaiting the outcome of US Federal Reserve’s policy, scheduled to be announced later in the day.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly higher in their respective early sessions.

Bourses on Wall Street too ended in the green on Tuesday.

Meanwhile, on a net basis, foreign institutional investors bought equity worth Rs 31.73 crore, while domestic institutional investors purchased shares to the tune of Rs 181.03 crore, provisional data available with stock exchanges showed on Tuesday.

On the currency front, the Indian rupee appreciated 16 paise to 69.53 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.03 per cent lower at 62.12 per barrel.

The rupee appreciated by 21 paise to 69.49 against the US dollar in opening trade Wednesday ahead of the US central bank’s meeting.

The rupee opened strong at 69.57 at the interbank forex market then gained further ground to touch 69.49 per dollar, displaying gains of 21 paise against the greenback.

Forex dealers said market participants are waiting for the monetary policy of Federal Open Market Committee (FOMC), Bank of England and Bank of Japan, scheduled this week.

Besides, positive opening in domestic equities, foreign fund inflows and selling of the American currency by exporters supported the rupee.

On Tuesday, the rupee had settled at 69.70 against the US dollar.

Foreign funds infused Rs 31.73 crore in the capital markets on a net basis Tuesday, provisional data showed.

The benchmark BSE Sensex was trading with gains of 251.93 points, or 0.65 per cent to quote at 39,298.27 while the NSE Nifty was trading at 11,782.70, up 91.20 points, or 0.78 per cent.

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Meanwhile, brent crude, the global benchmark, was trading at 62.23 per barrel higher by 0.14 per cent.