Sensex Jumps Over 200 Pts Tracking Positive Global Cues, Nifty Above 11,550; Bank, Metal Stocks Soar

After ending Wednesday's session in negative territory, benchmark indices BSE Sensex and NSE Nifty kicked of positively in early trade on Thursday tracking strong global cues.

Top gainers in the Sensex pack included Vedanta, Tata Steel, SBI and others. (Image: PTI)

Share Market Update: After ending Wednesday's session in negative territory, benchmark indices BSE Sensex and NSE Nifty kicked of positively in early trade on Thursday tracking strong global cues after the United States hinted at new rate cuts soon. The 30-share index, however, gave up some gains to trade 106.35 points, or 0.28 per cent, higher at 38,663.39 at 0930 hours. Similarly, the broader Nifty rose 33.80 points, or 0.29 per cent, to 11,532.70. Top gainers in the Sensex pack included Vedanta, Tata Steel, SBI, Tata Motors, ONGC, PowerGrid, Yes Bank, Sun Pharma and M&M, rising up to 2 per cent. While on the other hand, shares of Bajaj Finance, TechM, Asian Paints, Infosys, ICICI Bank, Hero MotoCorp, Bajaj Auto, Kotak Bank and TCS fell up to 1.50 per cent. In the Wednesday's session, the 30-share gauge settled 173.78 points or 0.45 per cent lower at 38,557.04; and the Nifty ended 57 points, or 0.49 per cent, lower at 11,498.90. The US Fed Reserve Chairman Powell indicated towards a rate cut soon in view of global slowdown and trade tensions with China and other countries. On a net basis, foreign institutional investors sold equities worth Rs 604.94 crore, while domestic institutional investors purchased shares to the tune of Rs 667.40 crore, provisional data available with stock exchanges showed on Wednesday. Domestic equities rebounded amid positive cues from Asian and US equities that got a boost after US Fed chair's congressional testimony. According to reports, Powell reignited hopes of a US interest rate cut later this month. In his testimony on Wednesday, Powell confirmed that the US economy was still under threat of a slowdown, and that the Fed was ready to act as appropriate", reports said. Meanwhile, bourses on Wall Street too ended higher after hitting record intra-day highs on Wednesday. The global oil benchmark Brent crude futures were trading 0.39 per cent higher at 67.27 per barrel. Even the Indian rupee appreciated 26 paise to 68.31 against the US dollar. Gold prices rose to their highest in over a week on Thursday as the dollar pulled back from multi-week highs after Powell's rate cut announcement amid global slowdown concerns and trade war tensions with China and other countries.