Equity indices trade higher led by banking, finance stocks

Mumbai (Maharashtra) [India], Jan 7 (ANI): Equity benchmark indices rebounded during early hours on Tuesday in line with Asian markets with no new escalation in the Middle East.

At 10:15 am, the BSE S&P Sensex gained by 467 points to 41,143 while the Nifty 50 edged higher by 131 points at 12,124.

An ebb in global crude oil prices and rupee’s rise against the US dollar also influenced the market mood.

All sectoral indices were in the positive zone except for Nifty IT which slipped slightly by 0.11 per cent. Nifty PSU bank and realty climbed up by 1.9 per cent each, financial service by 1.7 per cent, metal by 1.6 per cent and pharma by 1 per cent.

Among stocks, metal majors Vedanta and Tata Steel gained by 2.6 per cent and 1.8 per cent respectively while index heavyweight Reliance Industries ticked up by 1.8 per cent.

IndusInd Bank moved up by 2.2 per cent, Yes Bank by 2 per cent, HDFC Bank by 1.9 per cent and State bank of India by 1.8 per cent. Among the other prominent gainers were Zee Entertainment, Bajaj Finserv and Asian Paints.

However, IT majors had a bad time with Tech Mahindra, Wipro, HCL Technologies and Tata Consultancy Services showing marginal losses.

Meanwhile, Asian shares rallied and Wall Street erased early losses to end in the black as tech stocks climbed. MSCI’s broadest index of Asia Pacific shares outside Japan added 0.6 per cent, recouping almost all of Monday’s losses.

Japan’s Nikkei gained by 1.3 per cent and Shanghai blue chips advanced by 0.5 per cent.

Shares had fallen sharply on Monday as Iran and the United States traded threats after a US airstrike killed a top Iranian commander. The mood calmed a little as the session passed with no new aggression. (ANI)