Stock Market Updates: Polycab Plunges 10%, Sensex Soars 300 points, and Nifty Crosses 21,700

Sensex Today: Encouraged by encouraging signals from international counterparts, Indian benchmark stock indexes got off to a strong start in Thursday’s trading.

The S&P BSE Sensex began trading at 71,908, up 250 points and was trading close to 71,950 levels. The Nifty 50 index was seen approaching the 21,700 mark.

Among the Sensex 30, the highest movers were Power Grid Corporation, UltraTech Cement, Nestle India, and Mahindra & Mahindra.

TCS and Infosys’ stock is probably going to stay in the spotlight today as the IT giant releases its Q3 results.

The BSE MidCap and SmallCap indexes saw gains of more than 0.5% each in the overall market.

In terms of individual equities, Polycab India fell 10% at Rs 4,422 on rumors that the Income Tax authorities had discovered “unaccounted cash sales” from its previous searches totaling about Rs 1,000 crore.

Worldwide Cues

In meanwhile, speculation that the Bank of Japan’s intentions to halt its very loose policies would take time caused the Nikkei to fly 1.9% higher in Asia and to a record 34-year high. In other news, the Hang Seng gained 1.6%. Taiwan, Shanghai, Kospi, and the Straits Times all saw increases of around 0.5% each.

The US market closed the night up to 0.8% higher than expected ahead of Thursday’s inflation report and this week’s big bank results. John Williams, the president of the Federal Reserve Bank of New York, said on Wednesday that it is still too early to propose rate reductions.

In the meanwhile, the first US-listed exchange-traded funds (ETFs) that follow Bitcoin were authorized by the US Securities and Exchange Commission.