New Delhi:
Indian stock benchmarks traded higher Thursday as deals open, based on signals from global markets. Asian equities rose in line with an overnight rally on Wall Street as the US Federal Reserve raised key rates for the first time since 2018 and signs of material progress in the Russia-Ukraine talks lifted investor sentiment.
The US central bank raised interest rates by an as expected quarter point (25 basis points) and at every meeting for the remainder of this year it mentioned similar hikes to aggressively stamp out inflation.
At home, the trends on Singapore Exchange’s Nifty Futures, also known as the SGX Nifty Futures, also signaled a positive open for domestic indices.
The 30-share BSE Sensex jumped 851 points, or 1.50 percent, to 57,667, while the broader NSE Nifty jumped 228 points, or 1.34 percent, to 17,203.
Mid and small cap stocks traded strongly as the Nifty Midcap 100 index rose 1.36 percent and small cap stocks gained 1.02 percent.
All 15 sector gauges – compiled by the National Stock Exchange – were trading in the green. Nifty Financial Services and Nifty Bank outperformed the index, up 2.03 percent and 1.95 percent respectively.
On the stock-specific front, HDFC was the best riser as the stock rose 2.75 percent to Rs 2,355.10. Axis Bank, Tata Consumer Products, JSW Steel and Kotak Mahindra Bank were also among the winners.
Overall market size was positive as 2,101 shares rose while 510 shares fell on BSE.
On the 30-share BSE index, HDFC, Axis Bank, IndusInd Bank, Kotak Mahindra Bank, Asian Paints, HDFC Bank and Bajaj Finance were among the top winners.
Sensex had amassed 1,040 points, or 1.86 percent, to close Wednesday at 56,817, while Nifty had moved up 312 points, or 1.87 percent, to settle at 16,975.