Share Market Opens In Green

Share Market: After Tuesday’s decline brought on by Japan’s unexpected policy review, Asian markets recovered. Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 66 points on Wednesday, supported by positive cues from the Wall Street and Asian markets.

The BSE Sensex index rose 233.34 points to 61,935.63 in early trade, and the NSE Nifty index opened in the green, reflecting the improved sentiment in Asian indexes. All the sectoral indices advanced with information technology and PSU bank gaining over 1 percent.

Indian equity benchmarks rose in early trade on Wednesday, after recovering some of their steep losses toward the end of close in the previous session, tracking a modest turnaround on Wall Street, which overnight ended a losing streak of four sessions even as recession fears persist.

Also read: Share Market: Sensex, Nifty Crash

Global markets were stunned after the Bank of Japan (BOJ) unexpectedly opted to allow long-term rates to swing 50 basis points each side of its 0 per cent target on Tuesday, rather than the previously announced 25 basis point range, even as the central bank maintained its current broad policy stance.

Wall Street stocks ended a four-day sell-off and posted gains on Tuesday ahead of important macroeconomic data due later this week, such as third-quarter GDP numbers, housing starts, consumer spending, and inflation, which may provide hints about the Fed’s future policy course.

Gold prices steadied near a one-week high on Wednesday in the international markets, after rising more than 1 percent in the previous session as the dollar weakened after the Bank of Japan’s surprise policy tweak.

Spot gold was flat at $1,816.94 per ounce as of 0031 GMT. US gold futures were up 0.1 percent at $1,827.10.

Gold contracts were trading 0.08 percent higher on the Multi Commodity Exchange (MCX) at Rs 54,944 for 10 grams in early trade today. Silver added 0.15 percent at Rs 69,749 a kilogram.