Share Market Update: Sensex, Nifty hold early gains amid positive global cues; Jet Airways tanks 22%

Domestic benchmark equities BSE Sensex and NSE Nifty opened the Wednesday morning session in green largely driven by banking and IT stocks.

Global oil benchmark Brent crude futures were trading 0.03 per cent lower at 62.12 per barrel. (Image: PTI)

Share Market Update: Domestic benchmark equities BSE Sensex and NSE Nifty opened the Wednesday morning session in green largely driven by banking and IT stocks and amid positive global cues from global market. According to reports, 30-share index was trading 367.24 points, or 0.94 per cent, higher at 39,413.58 at 0930 hours. Similarly, the broader NSE Nifty was quoting 104.75 points, or 0.90 per cent, up at 11,796.25. In the previous session on Tuesday, the BSE gauge settled 85.55 points, or 0.22 per cent, higher at 39,046.34, while the Nifty closed 19.35 points, or 0.17 per cent, higher to end at 11,691.50. Top gainers in the Sensex pack in early trade today included Tata Steel, Kotak Bank, Vedanta, Tata Motors, Axis Bank, Yes Bank, SBI, IndusInd Bank, Maruti, HDFC twins and RIL, rising up to 3.46 per cent. Bharti Airtel and Hero MotoCorp were the only losers in index, shedding up to 0.35 per cent. Continuing its downward streak, the shares of Jet Airways today hit a fresh all-time low of Rs 28.60, down 21.76 per cent, in early morning trade on the National Stock Exchange (NSE) on Wednesday. The grounded air carrier awaits the National Company Law Tribunal (NCLT) hearing later in the day on insolvency plea filed by its lenders. “Global equities are witnessing a liquidity-fuelled rally as comments from central banks globally hinted at a rate cut,” news agency PTI quoted Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management as saying. "In a scenario of slowing global growth and benign crude prices, policymakers are reverting to easy monetary policy and lowering the cost of capital," he added. Investors across the globe are awaiting the outcome of US Federal Reserve's policy, scheduled to be announced later in the day. It is also worth nothing that on a net basis, foreign institutional investors bought equity worth Rs 31.73 crore, while domestic institutional investors purchased shares to the tune of Rs 181.03 crore, provisional data available with stock exchanges showed on Tuesday. Meanwhile, the Indian rupee appreciated 16 paise to 69.53 against the US dollar. Even the the global oil benchmark Brent crude futures were trading 0.03 per cent lower at 62.12 per barrel.