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Sensex edges 150 points higher, Nifty tops 10,700 on firm Asian cues

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NEW DELHI: Headline indices Sensex and Nifty registered healthy openings on Wednesday on a fresh spell of buying in most sectors, led by bank, financials, metal and IT.

Market turned positive after three consecutive sessions of losses, tracking global markets that eked out modest gains ahead of US Fed monetary policy meet outcome.

Investors are looking to the outcome of the Federal Reserve's rates review later in the day, with expectations policymakers will reinforce their recent dovish stance given signs of a slowdown in the US economy, Reuters reported. Moreover, market is hoping positive development at the front of ongoing US-China trade talks as well.

Sensex surged over 250 points in early deals, while Nifty touched 10,710. Around 9:30 am, the 30-share Sensex was 170 points, or 0.48 per ent.

up at 35,763, with 20 stocks advancing.

The Nifty pack was 52 points, or 0.48 per cent, up at 10,704 at that time.

Out of total 50 stocks in the Nifty index, 32 were in the green and 18 were in the red.

BSE Midcap and Smallcap indices were 0.21 and 0.47 per cent up, respectively.

Shares of Axis Bank jumped over 5 per cent, leading the pack of Sensex gainers. Shares of the lender surged after it surprised investors with earnings that beat estimates with a leg-up from its treasury operations and a recovery in profits in corporate lending as the new chief executive set a three-year agenda to re-orient the institution with a higher profitability.

The bank said net profit rose 2.3 times at Rs 1,681 crore in the December quarter.

ICICI Bank climbed 3 per cent ahead of its December quarter earnings, scheduled later today.

Shares of HCL Tech jumped 3 per cent, a day after it reported a 19 per cent YoY rise in net profit at Rs 2,611 crore for the December quarter.

It was up 2.8 per cent on sequential basis.

Among the sectoral indices on BSE, bank and metals climbed over 1 per cent. Out of 10 stocks in the BSE Bankex index, shares of Axis Bank, ICICI Bank, YES Bank, Bank of Baroda, State Bank of India and IndusInd Bank were in the green, whereas shares of HDFC Bank, City Union Bank, Kotak Mahindra Bank and Federal Bank were in the red. All 10 componenets of the BSE Metal pack were trading with gains, with Tata Steel, NMDC and SAIL leading the pack, rising up to 4 per cent.




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