The S&P BSE Sensex and NSE Nifty 50 indexes edged higher in morning deals on Wednesday taking cues from other Asian markets which climbed to a record high on Wednesday as US Treasury Secretary nominee Janet Yellen advocated for a hefty fiscal relief package to help the world’s largest economy ride out a pandemic-driven slump. ICICI Bank, Infosys, Tata Consultancy Services, Reliance Industries, HCL Technologies and HDFC were among the movers in the Sensex.
As of 9:24 am, the Sensex was up 169 points at 49,567 and Nifty 50 index advanced 49 points to 15,570.
At her confirmation hearing on Tuesday, Janet Yellen said the benefits of a big stimulus package are greater than the expenses of a higher debt burden.
U.S. President-elect Joe Biden, who will be sworn into office on Wednesday, last week laid out a $1.9 trillion stimulus package proposal to boost the economy and speed up the distribution of vaccines.
Back home, Buying was visible across sectors as sixteen of 19 sector gauges compiled by the BSE were trading higher led by the S&&P BSE Metal and Information Technology indexes’ over 1 per cent gain.
On the other hand, banking, oil & gas, power, finance and telecom sector gauges were trading with a negative bias.
Mid- and small-cap shares were witnessing tepid buying interest as the S&P BSE MidCap and SmallCap indexes rose 0.3 per cent.
Tata Motors was top Nifty gainer, the stock rose 3.5 per cent to Rs 268. Wipro, Tech Mahindra, HCL Technologies, Infosys, TCS, Tata Steel, HDFC Life, Divi’s Labs, JSW Steel and Hero MotoCorp also rose between 1-3 per cent.
On the flipside, Shree Cements, GAIL India, Grasim Industries, HDFC Bank, UPL, ITC, Power Grid and NTPC were among the losers.
The overall market breadth was positive as 1,285 shares were advancing while 808 were declining on the BSE.