NEW DELHI: Domestic equity indices were trading with gains in Thursday’s session as a bounce in US stocks and Asian peer helped lift sentiments on Dalal Street. Investors also keenly eyed the European Central Bank (ECB) policy meet outcome later in the day.
The ECB is set to announce its rate decision in the evening. Market participants will watch out for its inflation forecasts, although no major policy moves are expected since it has acted aggressively to shore up the virus-hit economy.
At 09.34 am, BSE flagship Sensex was up 294 points or 0.77 per cent at 38,488 while NSE benchmark Nifty added 79 points or 0.70 per cent to 11,357. Bank and media stocks saw buying while some auto and FMCG names were under pressure.
In the 30-share pack Sensex, IndusInd Bank was the biggest gainer, up 2.90 per cent at Rs 623. It was followed by SBI, Reliance Industries, Bajaj Finserv, Bajaj Finance and Axis Bank that gained in the range of 1-2 per cent.
The Mukesh-Ambani led Reliance Industries also hit fresh lifetime high of Rs 2,211 after reports that the energy-to-telecom major is looking to raise Rs 60,000-63,000 crore by selling a 15 per cent stake in Reliance Retail Ventures (RRVL) to a clutch of private equity investors and sovereign wealth funds.
Bajaj Auto was the biggest loser in the pack, down 1.03 per cent to Rs 1,887. Titan Company, Tech Mahindra, HUL, Bharti Airtel and Nestle India were among other major losers, falling in the range of 0-1 per cent.
Broader market indices were faring better than their headline peers as Nifty Smallcap advanced 1.97 per cent while Nifty Midcap added 1.16 per cent. Broadest index on NSE, Nifty 500 was up 0.85 per cent.
Nifty PSU Bank was the biggest sectoral gainer on NSE, rising 1.70 per cent. It was followed by Nifty Private Bank, Nifty Realty, Nifty Media and Nifty Bank, each of which gained more than a per cent. All sectoral indices were trading in the green.
Globally, Asia’s stock markets snapped their longest losing streak since February and rose following a bounce on Wall Street, though subdued trade in currency, commodity and bond markets suggested investors remain cautious about the outlook.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained half a percent, lifting away from a one-month low made on Wednesday.
Japan’s Nikkei rose 0.5 per cent and markets in Shanghai and Hong Kong opened higher. But pressure returned to the oil price on worries about soft demand, a harbinger of weaker global growth.
An overnight rally in riskier currencies also paused, as foreign exchange traders look for the European Central Bank’s tone at its meeting later on Thursday to guide the next move for the euro, dollar and the broader market.
S&P 500 futures and Nasdaq 100 futures each fell 0.4 per cent in Asia.