Domestic stock markets started Wednesday’s session on a higher note, tracking a rally in global peers amid some relief to investors’ concerns on the US-China trade front. The S&P BSE Sensex index gained as much as 291.91 points to 37,250.07 in early trade, and the broader NSE Nifty benchmark climbed to 11,003.75, up 77.9 points from the previous close. Gains in banking, energy and metal stocks supported the markets however weakness in pharma and consumer goods shares kept the upside in check.
At 9:18 am, the Sensex traded 98.77 points – or 0.27 per cent – higher at 37,056.93, while the Nifty was up 36.30 points – or 0.33 per cent – at 10,962.15.
Top percentage gainers on the 50-scrip index at the time were Indiabulls Housing Finance, Tata Steel, Zee Entertainment, UPL, Bajaj Finserv, IndusInd Bank and Yes Bank, trading between 1.56 per cent and 7.22 per cent higher.
Market breadth was positive with 500 stocks on the BSE enjoying gains and 323 struggling with losses. On the NSE, 835 stocks advanced while 570 declined.
Reliance Industries, Infosys, HDFC and ICICI Bank contributed the most to the advances in Sensex.
The gains came a day after reports that the Ministry of Finance is working on a stimulus package for the industry to revive the economy.
News agency quoted official sources as saying that the stimulus package by the government would not only aim to reduce the cost for the industry but would also lay out procedures that would further provide impetus to ease of doing business.
Equities in other Asian markets joined a global equities surge on Wednesday, after Washington delayed tariffs on some Chinese imports.
Wall Street stocks soared overnight as US President Donald Trump backed off his September 1 deadline for 10 per cent tariffs on the remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods in the hopes of blunting their impact on US holiday sales.
The surge in US stocks lifted MSCI’s broadest index of Asia-Pacific shares outside Japan by 0.9 per cent. The Shanghai Composite Index advanced 0.6 per cent while Hong Kong’s Hang Seng, which has been hurt by disruptions from large anti-government protests, rose 0.5 per cent. South Korea’s KOSPI advanced 0.8 per cent and Japan’s Nikkei rose 0.6 per cent.
The Sensex and Nifty had closed 1.66 per cent and 1.65 per cent lower respectively on Tuesday, hurt by a selloff across sectors barring energy shares.
Source By NDTV