Share markets on Wednesday: Private banks, IT and metal stocks led the gainsin the markets.
Domestic stock markets started Wednesday's session on a highernoteamid positive cues from other Asian peers ahead of US-China trade talks and US Federal reserve policy meet outcome.The Sensex rose as much as 257.91 points to touch 35,850.41 on the upside, while the the Nifty50 barometer of the National Stock Exchangehit 10,710.20, up 58 points from the previous close.
Heavy buying was witnessed in banking, metal and IT stocks.
Heavyweights ICICI Bank, Axis Bank, Bajaj Finance and Reliance Industries contributed the most to the advances on the Sensex.
Here are 10 things to know about stock markets today:At 10:01 am, the 30-share benchmark index traded 135.25points or 0.38 per cent higher at 35,727.75, and the Nifty was at 10,677.15, up 24.95 points or 0.23per cent from the previous close.Top gainerson the 50-scrip index were Axis Bank, ICICI Bank, Tata Steel, Bajaj Finance and Yes Bank, trading between 2.19and 4.42 per cent higher.The NSE private banking index was trading 1.39per cent higher at that time.Shares of Axis Bank surged over 6 per cent on the NSE after the third largest private sector lender reported 131 per cent risein net income for the December quarter at Rs 1,681 crore boosted by a huge jump in recoveries from written-off accounts.
Shares of ICICI Bankalso rallied over 4 per cent ahead of its quarterly results, scheduled to be released later in the day."With the interim budget set to be announced this Friday; expectation of the government breaching the fiscal deficit is high in order to boost rural sector," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.
"Market may take it in its stride even if the fiscal deficit target is breached by a small amount, provided that the government is able to convincingly back its actions with a push for growth-oriented policies and display its reforms orientation to be intact,"he added.US stock futures and Asian equities eked out modest gains on Wednesday as investors seized on Apple Inc's earnings and comments from its chief that US.-China trade tensions were easing.MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.05 per cent.Globally, the gains were capped as investors were cautious ahead of crucial trade talks between American and Chinese officials on January 30 and 31.Market is also awaiting the outcome of the US Federal Reserve's meeting later in the day.On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 354.36 crore Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 81.27 crore, provisional data available with BSE showed.
(With inputs from agencies)