The domestic equity market opened on a positive note on Thursday, tracking strong global cues.
At 09:23 am, the S&P BSE Sensex was trading 78.68 points or 0.23 per cent at 34,410.36 while NSE’s Nifty50 was trading at 10,554.45, up 28 points.
Asian stocks climbed to its highest in a month on Thursday and measures of volatility continued to decline amid optimism that global growth can weather any impact from trade tensions. The dollar pared gains and oil extended its rise.
Shares from Sydney to Hong Kong rose. US Treasury yields ticked lower after climbing to 2.87 per cent in the wake of the Federal Reserve’s Beige Book report that showed a solid outlook for the economy despite trade concerns, Bloomberg reported.
US stocks ended with solid gains on Wednesday. The S&P 500 added 2.25 points, or 0.1 per cent, to 2,708.64, logging its ninth day of gains in the past 12 sessions. The Nasdaq Composite edged up 14.14 points, or 0.2 per cent, to 7,295.24, while the Dow Jones Industrial Average closed down 38.56 points, or 0.2 per cent, at 24,748.07.
Back home, all the sectoral indices on NSE were trading in the green. Metal stocks advanced the most. At 09:33 am, the Nifty Metal index was trading 2 per cent higher at 3,824.75 with all the 15 constituents in the positive territory.
Among specific stocks, TCS was trading flat at Rs 3,174.50 apiece on BSE ahead of its March quarter results. Nalco surged 6 per cent in the early trade. On Thursday, aluminium hit its highest in nearly seven years, amid growing supply concerns in the aftermath of US sanctions on Rusal. At 09:37 am, shares of the company were trading at Rs 84.05 apiece on BSE, up 4.80 per cent.