Key Indian stock indices trade higher on Wednesday

Mumbai, March 30 (IANS) Key Indian stock indices opened significantly higher on Wednesday on the back of strong global cues after having lost ground the day before.

The government’s decision on foreign investment in retail trade gave a positive signal over continuity of economic reforms.

The sensitive index (Sensex) of BSE opened at 25,062.06 points, against the previous close at 24,900.46 points.

Minutes after, the 30-share index was ruling at 25,093.11 points, with a gain of 192.65 points, or 0.77 percent.

At the National Stock Exchange, the 50-share Nifty opened at 7,651.10 points, against the previous close at 7,597.00. The index subsequently was trading at 7,654.20 points, up 57.20 points, or 0.75 percent.

The mood of the investors was distinctly positive during the early hours of trading. At the BSE, 28 out of 30 Sensex shares were ruling in the green, while at the NSE, 47 out of the 50 Nifty shares were in the positive territory.

On Tuesday profit booking, unwinding of long positions ahead of derivatives expiry and caution over a likely US rate hike dragged the key equity markets lower. The Sensex lost 65.94 points, or 0.26 percent, while the Nifty dropped 18 points, or 0.24 percent.

The sentiments on Wednesday reflected the global cues emanating from developments the previous day.

“The US indices ended positive led by dovish comments from the US Federal Reserve chair Janet Yellen. The speech helped assuage fears that the Fed will raise interest rates at its next meeting in April,” Angel Broking said in a pre-open analysis.

“European markets ended on a mixed note after the long Easter holiday weekend. Weakness in oil prices and caution ahead of the Fed speech resulted in some downward pressure on the markets,” the brokerage said.

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