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Benchmark indices have trading firm and have gained over 1% each in the late morning trades led by Index heavyweights RIL, L&T, ICICI Bank and Tata Motors contributing over 150 points to the rise on the 30-share Sensex.
Meanwhile, US Federal Reserve’s decision to keep interest rates near zero for a "considerable time has boosted the sentiments of the market participants.
Meanwhile, US Federal Reserve’s decision to keep interest rates near zero for a "considerable time has boosted the sentiments of the market participants.
By 11.10 AM, the Sensex has gained 309 points to trade at 26,941 mark and the Nifty has surged by 92 points to trade at 8,067 levels.
BSE Midcap and Smallcap indices are outperforming the large counterparts and have surged between 1.5-2.5%.
The market breadth on the BSE is firm with 1,866 shares advancing and 651 shares declining.
Hero Motocorp, Sun Pharma, L&T, SBI and Hindalco have surged between 2-2.5%. However, Infosys, M&M and HUL are the only stocks trading in the negative territory and have lost between 0.5-1.5%.
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Markets are trading higher for the second consecutive session on fresh buying by fund and retail investors in Healthcare, Oil & gas and Capital goods stocks. Meanwhile, US Federal Reserve’s decision to keep interest rates near zero for a "considerable time has boosted the sentiments of the market participants.
By 10.35 AM, the Sensex has gained by 222 points to trade at 26,854 mark and the Nifty has surged by 76 points to trade at 8,051 levels.
US Federal Reserve Meet:
The US Federal Reserve on Wednesday renewed a pledge to keep interest rates near zero for a "considerable time" and repeated concerns over slack in the labour market, standing firm against calls to overhaul its policy statement.
But the Fed repeated its assurance that rates would stay ultra-low for a "considerable time" after a bond-buying stimulus program wraps up. In a statement after a two-day meeting, it announced a further $10-billion reduction in its monthly purchases, leaving the programme on course to be shuttered next month.
The policy-setting Federal Open Market Committee (FOMC) also repeated its assessment that a "significant" amount of slack remains in the US labour market, a further sign it is no rush to raise benchmark borrowing costs.
BSE Midcap and Smallcap indices are outperforming the large counterparts and have surged between 1.5-2%.
The market breadth on the BSE is firm with 1,796 shares advancing and 542 shares declining.
Rupee:
The rupee is trading at 60.08 against the US currency in early trade today at the Interbank Foreign Exchange market due to dollar's gains against other currencies overseas.
Forex dealers said besides strengthening of dollar against other currencies in global market after the US Fed stating it would keep its easy-money policy, increased demand for the American unit from importers and a weak opening in the domestic equity market put pressure on the rupee.
Buzzing Stocks:
Index heavyweights RIL, L&T, TCS and HDFC have contributed over 100 points to the rise on the 30-share Sensex and are up between 1-2%. However, IT major Infosys, HUL and GAIL are the only stocks which are facing pressure in today’s trade and are trading in the negative territory and have lost between 0.5-2%.
Sun Pharmaceutical Industries is trading higher by 2% at Rs 809 after the drug maker said it has entered into a licensing agreement with Merck & Co Inc for investigational therapeutic antibody candidate, Tildrakizumab to be used for treatment of plaque psoriasis, a skin ailment.
National Building Construction Corporation (NBCC) has surged 6% to Rs 642, extending its previous day’s rally on National Stock Exchange (NSE), on back of heavy volumes.
8K Miles Software Services has gained 5% to reach Rs 371, extending its previous day’s 8% rally on BSE, after Sundaram BNP Paribas Mutual Fund bought nearly two percentage points stake in the internet software and services provider through open market.
