Indices higher on global cues; PSU banks, realty stocks gain
Nifty PSU Bank was the best performer among sectoral indices on NSE, up 1.6%, led by gains in shares of State Bank of India, Allahabad Bank, and Andhra Bank.
Asian equity markets traded on a mixed note in early trade today. While overnight gains in US equities underpinned sentiment, investors exercised caution ahead of the outcome of the US Fed meeting. The Fed will wrap up its two-day monetary policy meeting later today.
US stocks pared losses made in the previous day as most market players expect the Fed to hike the federal funds rate by 25 basis points. Investors await the dot plot along with the policy statement that is an aggregate of policymakers’ forecast for future interest rates.
The yield on the 10-year US Treasury ended four basis points higher due to strong expectations of an upbeat outlook for economic growth in the US.
Among commodities, crude oil prices rose due to persistent tension between Saudi Arabia and Iran. Gold prices edged lower due to strength in the US dollar.
At 09:25 AM, the Nifty 50 was at 10,188.60 points, up 64.25 points or 0.6%, while BSE-Sensex was at 33,218.91 points, up 222.15 points or 0.7%.
Shares of Mercator rose nearly 3% today as the company will sell vessel M.V. Vrinda to Hong Kong-based Best Oasis for $4.25 mln.
Shares of Vedanta rose 2% ahead of its board meeting on Friday to consider raising up to Rs4,500cr via non-convertible debentures in tranches.
Indiabulls Housing (+2.85%), Bharti Airtel (+2.22%), BPCL (+2.02%), ONGC (+1.61%) and Cipla (+1.56%) were top gainers on Nifty50.
Out of 2,006 stocks traded on Nifty, 1283 advanced, 315 declined and 408 remained unchanged.
A total of 3 stocks registered a fresh 52-week high in trade today, while 30 stocks touched a new 52-week low on the NSE.