Indian shares opened on a positive note Wednesday despite mixed global cues.
Recent worries about higher interest rates and inflation eased somewhat after Fed Chair Jerome Powell reiterated interest rates will remain at near-zero levels and the Fed will continue its asset purchases at the current rate until “substantial further progress” has been made toward its goals of maximum employment and price stability.
The benchmark S&P BSE Sensex inched up 224 points, or half a percent, to 49,975 in early trade, while the broader NSE Nifty index was up 72 points, or half a percent, at 14,780.
Reliance Industries rose 1.4 percent after the company announced the demerger of its oil-to-chemicals (O2C) business into a wholly-owned subsidiary.
Bharti Airtel gained half a percent after it partnered with Qualcomm Technologies for accelerating 5G services in India.
Tata Consumer Products rallied 2.6 percent on news it will replace GAIL (India) Ltd. in the benchmark Nifty 50 from March 31, 2021. Shares of the latter fell 2 percent.
Bajaj Auto rose half a percent after officially launching the new Pulsar 180.
Jet Airways surged 4.4 percent as the National Company Law Tribunal rejected employee unions’ plea to review the resolution plan submitted by Kalrock-Jalan consortium.
Metal stocks such as Tata Steel, Coal India and JSW Steel climbed 1-3 percent on the back of rising copper prices in international markets.
Oil marketing companies BPCL and IOC were up more than 1 percent.
Market Analysis
Sensex Up Over 200 Points; Nifty At 14,780
2021-02-24 04:13:04
