Sensex Surges Over 400 Points, Nifty Crosses 10,750 | 10 Things You Need To Know

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Mumbai: Domestic stock markets started Thursday’s session on a higher note in line with broader Asian peers as a dovish stance by the Federal Reserve boosted sentiment. The S&P BSE Sensex surged as much as 436.4 points to touch 36,027.65, while the Nifty50 barometer of the National Stock Exchange rose by 108.85 points to hit 10,760.65 by afternoon. The gains on Dalal Street were led by buying in energy, IT and banking stocks. Heavyweights Infosys, Reliance Industries, HDFC Bank, HDFC and Axis Bank contributed the most to the advances on the Sensex.

Here are 10 things to know about stock markets today:

At 11:50 am, the 30-share benchmark index traded 403.18 points or 1.13 per cent higher at 35,994.43, and the Nifty was at 10,749.65, up 97.85 points or 0.92 per cent from the previous close.
Top advancers on the 50-scrip index were Infosys, GAIL, Tech Mahindra, AXis Bank and Hindustan Unilever, trading between 2.00 and 3.33 per cent higher.
The Nifty energy index was 1.70 per cent up at that time. Shares of Reliance Industries rose up to 2.3 per cent on the NSE.
AK Prabhakar, head of research, IDBI Capital, attributed the spike in markets to “good results from large caps like Axis Bank” along with positive global cues. “Most important is there is no interest rate,” he said on the outcome of the US central bank’s policy meet.
Asian stocks rose to a four-month high after Federal Reserve kept interest rates steady, while also discarded promises of “further gradual increases” amid signs of slowing global growth. MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.74 per cent.
Analysts also feel investors are bullish ahead of the union budget on Friday. “I think there is an expectation of concession and swaps for markets and retail investors,” said RK Gupta, managing director, Taurus Asset Management. “I think budget is going to be positive for the masses,” he added.
Global investors are also optimistic about the ongoing two-day high-level talks between the US and China aimed at settling a six-month trade war that has weakened both sides, shaken financial markets and clouded the outlook for the global economy.
In stock-specific actions, shares of ICICI Bank Ltd gained up to 2.9 per cent on the NSE, a day after the private sector lender posted an improvement in asset quality and an investigation found former chief executive Chanda Kochhar had violated internal bank policies.
Shares of NTPC rose up to 1.8 per cent on the NSE after the power producer posted a 1 per cent rise in December-quarter profit on Wednesday. Ahead of their quarterly results, shares of Bharti Airtel rose up to 1.6 per cent on the NSE.
On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs. 130.25 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs. 502.26 crore, provisional data available with NSE showed.

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