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Sensex Rises Over 100 Points, Nifty Above 10,600

The Sensex and Nifty started Tuesday’s session on a positive note amid a global rally. The 30-scrip BSE benchmark index rose over 150 points while the Nifty regained the 10,600 mark. Auto, metal and capital goods stocks led the gains – up between 0.5 percent and 0.7 percent. Gains in the Indian shares came amid positive cues from the other Asian markets, where equities hit three-week highs. Overnight on Wall Street, all three major indices – the S&P 500, the Dow Jones industrial average and the Nasdaq Composite – rose more than 1 percent, extending the rebound after the recent selloff. The S&P 500 is now just 3.2 percent below its peak on January 26.

Among the Nifty 50 stocks, Yes Bank, Bharti Airtel, Hero MotoCorp, HCL Tech and TCS were the top gainers – up between 1 percent and 2 percent in morning trade. Other gainers included Tata Motors, IOC and Maruti Suzuki India – rising around 0.8 percent.

On the other hand, Ambuja Cements, ICICI Bank and Axis Bank were among the top losers on the 50-scrip NSE index. At 9:28 am, the Sensex was up 146 points at 34,592 while Nifty traded at 10,622, up 39 points.

Shares of PNB plunged over 6 percent after the state-run bank today said the number of fraudulent transactions could be Rs. 1,300 crore more than the current estimate of about Rs. 11,400 crore.

Market observers would be closing watching new Federal Reserve Chairman Jerome Powell’s highly-anticipated first congressional testimony later in the day. Mr Powell’s debut appearance is seen as critical for financial markets at a time when many investors are nervous about the Fed’s policy normalisation following years of stimulus after the financial crisis almost a decade ago.

Source
Lve Mint

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