Equities continue upward march amid positive global cues

Equity benchmark indices logged new all-time highs during early hours on Wednesday with banking and energy stocks clocking substantial gains.

At 10:15 am, the BSE S&P Sensex was up by 166 points or 0.34 per cent at 49,683 while the Nifty 50 edged higher by 59 points or 0.4 per cent to 14,622.

Most sectoral indices at the National Stock Exchange were in the green zone with Nifty PSU bank gaining by 2.2 per cent and auto by 1.1 per cent. Nifty IT and pharma dipped marginally.

Among stocks, Bharat Petroleum Corporation rose by 4.2 per cent to Rs 419.65 per share while ONGC ticked up by 3.5 per cent, IndianOil Corporation by 2.7 per cent and NTPC by 2.1 per cent.

Bharti Airtel advanced by 5.7 per cent to Rs 598.15 per share while State Bank of India and ICICI Bank moved up by 2.9 per cent and 2 per cent respectively.

However, Titan, Britannia, Tata Consultancy Services, HCL Technologies, Dr Reddy’s and Bajaj Finance lost marginally.

Meanwhile, Asian stocks rose tracking modest Wall Street gains as expectations that a vaccine will eventually win the battle against the coronavirus fuelled recovery hopes.

MSCI’s broadest index of Asia Pacific shares outside Japan rose by 0.45 per cent while Chinese shares gained by 0.34 per cent and South Korea’s Kospi by 0.04 per cent.

Japan’s Nikkei 225 was up by 0.49 per cent.

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