Indian equity indices, the S&P BSE Sensex and the NSE Nifty50, started Thursday on a positive note, tracking strong global cues, after US Federal Reserve chairman Jerome Powell signalled an interest rate cut later in the month.
The Sensex gained 178 points higher, or 0.46 percent, at 38,736 while the Nifty advanced 52 points, or 0.45 percent, to trade above 11,550.
The Nifty MidCap index gained 101.50 points, or 0.60 percent, at 17,044. BSE Metal, Realty, Power were among the leading sectors.
JSW Steel, Vedanta, Tata Steel, Yes Bank and SBI rose between 1 and 2.5 percent.
Bajaj Auto, Bajaj Finance, Tech Mahindra, Asian Paints and Indian Oil dipped by up to 2 percent. Bajaj Auto shares fell 1.6 percent as the stock traded ex-dividend.
Shares of Himachal Futuristic rose 8 percent after the company's first-quarter consolidated net profit increased more than two-fold to Rs 110 crore.
IndiGo shares dipped 6 percent, extending losses from Wednesday, amid a dispute between the promoters.
The rupee opened higher at 68.36 against the US dollar on Thursday, up 22 paise from its Wednesday’s close of 68.58. The home currency opened at 68.31 and touched a high and a low of 68.30 and 68.37 a dollar, respectively.
In debt markets, the yields on the 10-year government bonds were fall 0.20 percent to 6.56 percent from its previous close of 6.54 percent. Bond yields and prices move in opposite directions.
In commodities, US oil futures hit their highest in over a month as a potential hurricane threatened crude output in the Gulf of Mexico.
US West Texas Intermediate (WTI) crude futures were up 11 cents at $60.54 a barrel while Brent crude futures were down 5 cents, or 0.1 percent, at $66.96 a barrel, after ending Wednesday up 4.4 percent.
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