Sensex Surges After Yellen Calls For Caution On Raising Interest rates

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, March 30, 2016, 9:28 [IST]

Benchmark indices surged in trade after US Fed Chairperson Janet Yellen said that caution should be exercised, while raising interest rates.

This led to a rally in the US markets with the Dow Jones hitting a new 2016 high. The Sensex was trading with gains of 180 points, while the Nifty rallied 58 points in early trade.

Metal stocks led gainers in trade with Hindalco and Tata Steel among the early gainers. Bank of India gained ground after it received shareholder approval to raise up to Rs 10,000 cr via a QIP. Andhra Bank too saw a smart rally after reports that the bank had allotted shares to LIC on a preferential basis.

Early losers from the Nifty space were HDFC and Tech Mahindra. In fact, these were the only 2-losers in a buoyant market.

Mid cap stocks also saw good buying interest with the index up nearly 1 per cent in trade. Leading the set of gainers was Just Dial, which rallied almost 5 per cent in early trade.

Other notable gainers was Hindustan Zinc and Adani Power.

Meanwhile, Asian markets were mostly trading higher led by gains in the Shanghai Composite and the Hong Kong's Hang Sang. The rupee was last seen trading at 66.45 to the US dollar.

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