Sensex Up 200 Pts, Nifty Tests 21,700; Polycab Tanks 10%

Indian benchmark equity indices started Thursday’s trade on a positive note backed by supportive cues from global peers.

The S&P BSE Sensex opened 250 points higher at 71,908, and was quoting around 71,950 levels. The NSE Nifty 50 was seen testing the 21,700 levels.

Power Grid Corporation, UltraTech Cement, Nestle India and Mahindra & Mahindra were the top movers among the Sensex 30.

Shares of TCS and Infosys are likely to remain in focus as the IT major will report Q3 earnings later today.

Read Previews: TCS | Infosys

In the broader market, the BSE MidCap and SmallCap indices advanced over 0.5 per cent each.

Among individual stocks, Polycab India hit the 10 per cent lower circuit at Rs 4,422 on reports that the Income Tax department detected “unaccounted cash sales” of about Rs 1,000 crore from its recent raids.

Meanwhile in n Asia, Japan’s Nikkei soared 1.9 per cent to hit fresh 34-year high as investors bet on a delay in the Bank of Japan’s plans to end its ultra-loose policies. Elsewhere, Hang Seng rallied 1.6 per cent. Straits Times, Kospi, Shanghai and Taiwan were up around 0.5 per cent each.

Overnight, the US market ended with gains up to 0.8 per cent ahead of inflation data on Thursday followed by major bank earnings later this weeek. Federal Reserve Bank of New York President John Williams on Wednesday said it is still too soon to call for rate cuts.

Meanwhile, the US Securities and Exchange Commission approved the first US-listed exchange traded funds (ETFs) to track bitcoin.