Sensex Rallies Over 400 Points; Metal, Banking Stocks Firm
The domestic stock markets have opened the week on a strong note in line with the global bourses, on the back of buying interest in metal and financial stocks. At 9:20 am, the BSE Sensex was trading at 55,719.50, higher by 392 points or 0.72 per cent and the Nifty was at 15,563.50, up 109.70 points or 0.66 per cent. The broader markets are also strong, with the BSE Midcap index and BSE Smallcap index gaining 0.7 per cent and 0.9 per cent each in early trading.
Asian markets were trying to pick up the pieces on Monday following last week's thrashing as coronavirus concerns showed little sign of abating, while safe-haven flows benefited the dollar ahead of a key update on U.S. monetary policy.
Wall Street rallied to close sharply higher at the close of a tumultuous week on waning concerns over whether the US Federal Reserve could begin tightening its dovish monetary policy sooner than expected. The Dow Jones rose 0.64 per cent, the S&P 500 gained 0.81 per cent and Nasdaq Composite added 1.17 per cent.
On the stock-specific front, information technology shares are trading firm this morning. HCL Tech, Tech Mahindra, TCS and Infosys have gained 1-3 per cent each on the BSE. The financial space is also going strong, with Bajaj Finserv, Bajaj Finance and SBI gaining around a per cent each on the BSE.
On the other hand, Powergrid, Bajaj Finance, Hindustan Unilever and M&M have shed upto a per cent each on the BSE.
The BSE market breadth is even. Out of 2,791 stocks traded on the BSE, there are 1,366 advancing stocks as against 1,309 declines.
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