NEW DELHI: Dovish remarks from US Federal Reserve Chair Jerome Powell pushed benchmark indices higher in Thursday’s trade.
At 9.25 am, the BSE Sensex was on the verge of reclaiming 36,000 level. The index was ruling 276 points, or 0.77 per cent, higher at 35992.87. The NSE barometer Nifty50 remained 10,800 level and was up 2.05 points, or 0.67 per cent, ahead of expiry of November series futures and options contracts.
With this, the index broke above its crucial resistance range of 10,740-10,775.
The Fed Chairman on Wednesday said that US interest rates were just below neutral, making investors believe the Fed rate hike cycle was nearing its end. Most Asian markets were trading
Among Sensex stocks, Vedanta gained 3.58 per cent to Rs 199.85 on BSE. The three-member committee, set up by the National Green Tribunal (NGT) to decide on reopening the Vedanta-owned Sterlite Copper factory in Tamil Nadu’s Thoothukudi district, termed the state government order that led to its closure as “unsustainable.” The decision to close the plant violated the principles of natural justice, it stated.
Tata Steel, Reliance Industries and ITC added 2.24 per cent, 2.19 per cent and 1.67 per cent, respectively. Asian Paints advanced 1.39 per cent while Power gRID ROSE 1.33 per cent.
YES Bank declined 4.21 per cent to Rs 154.90. ONGC, Coal India and TCS fell 1.93 per cent, 1.47 per cent and 0.81 per cent, respectively. ICRA cited likely corporate governance flashpoints to join its overseas parent Moody’s in downgrading Yes Bank bonds on Wednesday.
