Stock market updates: Nifty above 19,750; Sensex opens 350 points higher; BoB loses 2%
Frontline indexes had a good start to trading on Wednesday, taking cues from their international counterparts as US rates dropped from a 16-year record high of 4.86 percent last week to 4.65 percent.
The S&P BSE Sensex was trading at 66,390 and had opened over 300 points higher at 66,376. Having gained 95 points, the NSE Nifty was sighted over the 19,750 mark.
The BSE MidCap and SmallCap indexes saw gains of around 0.8% in the overall market.
The biggest gainers on the Sensex 30 were SBI, Tata Motors, Titan, IndusInd Bank, and JSW Steel.
As TCS begins the Q2 results season at home, attention will likely turn to shares of IT businesses, and the board will also be debating a share repurchase plan. Watch a glimpse of the Q2 IT market.
World cues
Closer to home, the Hang Seng rose 1.5%, the Kospi soared over 2%, and Taiwan rose 0.8% in response to increases on Wall Street. The Nikkei gained 0.5% today.
Following positive remarks from Federal Reserve officials and a decrease in bond rates, US equities on Tuesday closed higher overnight for the third consecutive day. The yield on the 10-year Treasury fell to 4.64 percent. European markets earlier in the day also closed with significant gains. The FTSE 100, CAC, and DAX all saw gains of around 2%.
The price of Brent crude oil remained stable at $88.
