Business

Sensex Rises Over 200 Points,bank, metal stocks soar

Domestic equity benchmark BSE Sensex jumped over 200 points in early trade on Thursday tracking strong cues from global markets after US Federal Reserve Chairman Jerome Powell hinted at a rate cut soon.The 30-share index, however, gave up some gains to trade 106.35 points, or 0.28 per cent, higher at 38,663.39 at 0930 hours. Similarly, the broader Nifty rose 33.80 points, or 0.29 per cent, to 11,532.70.

Top gainers in the Sensex pack included Vedanta, Tata Steel, SBI, Tata Motors, ONGC, PowerGrid, Yes Bank, Sun Pharma and M&M, rising up to 2 per cent.On the other hand, Bajaj Finance, TechM, Asian Paints, Infosys, ICICI Bank, Hero MotoCorp, Bajaj Auto, Kotak Bank and TCS fell up to 1.50 per cent.In the previous session, the 30-share gauge settled 173.78 points or 0.45 per cent lower at 38,557.04; and the Nifty ended 57 points, or 0.49 per cent, lower at 11,498.90.

On a net basis, foreign institutional investors sold equities worth Rs 604.94 crore, while domestic institutional investors purchased shares to the tune of Rs 667.40 crore, provisional data available with stock exchanges showed on Wednesday.Domestic equities rebounded amid positive cues from Asian and US equities that got a boost after US Fed chair's congressional testimony.

According to reports, Powell reignited hopes of a US interest rate cut later this month.In his testimony on Wednesday, Powell confirmed that the US economy was still under threat of a slowdown, and that the Fed was ready to "act as appropriate", reports said.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly higher in their respective early sessions. Meanwhile, bourses on Wall Street too ended higher after hitting record intra-day highs on Wednesday.Meanwhile, the Indian rupee appreciated 26 paise to 68.31 against the US dollar.The global oil benchmark Brent crude futures were trading 0.39 per cent higher at 67.27 per barrel.

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