The key domestic benchmark indices opened higher in the morning trading session tracking strength across markets in Asia and a bullish finish at Wall Street overnight amid hopes that the new US President Donald Trump may pursue business friendly policies, bolstering risk taking appetite.
After the initial shock, traders are reassessing Trump’s win in the US Presidential elections, hoping that the 45th US President may undertake some tax cuts and fiscal stimulus, which will be good for corporate earnings and equities.
Shares of Bank of India will be in focus as it reveals its September quarter earnings while traders will react to the report card of drug firm Cipla which on Wednesday reported that Q2 net profit fell 34.8 per cent at Rs 354 crore from a year ago.
At 09:20 AM, the Bombay Stock Exchange bellwether Sensex was at 27553.25 up by 300.72 points or by 1.10 per cent, while the NSE Nifty was at 8536.60 points, trading higher by 104.60 points or by 1.24 per cent.
The top gainers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (Rs. 681.00,+3.01 per cent), State Bank of India (Rs. 267.05,+2.81 per cent), ICICI Bank Ltd. (Rs. 288.50,+2.47 per cent), Maruti Suzuki India Ltd. (Rs. 5500.10,+1.92 per cent), NTPC Ltd. (Rs. 157.00,+1.88 per cent), among others.
The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 538 shares traded, 454 shares advanced, 68 shares declined while 16 were unchanged.
On the global front, Asian stocks were trading higher today following a strong rally at Wall Street on Wednesday amid optimism that he may pursue a pro-business friendly agenda and may increase fiscal spending to prop up US economic growth.