Markets trade higher on rate cut hopes

Indian indices rose on Wednesday tracking positive Asian cues. The BSE Sensex opened higher by 155 points, while Nifty rose by 45 points in early trade.

Market sentiment was boosted on rate cuts hopes by RBI. At 9.40 am IST, the Sensex was trading at 16,245 points, higher by 225 points and the Nifty was at 4,931 points, up 68 points.

Asian peers rose on Wednesday as Finance Ministers and Central Bank Governors from the G7 nations are working on a speedy recovery to resolve issues within the eurozone. The Nikkei 225 was trading up by 1.68%, while the Hang Sang was up 1.10%. The Shanghai Composite was however down by 0.24%.

On the sectoral indices on BSE, all the sectors were trading in positive terrain in early morning trade. Metal, Oil & Gas, Auto and Consumer Goods were leading the rally.

The only stocks that failed to lure investors in early trade were Dr. Reddy's Laboratories and BPCL.

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Story first published: Wednesday, June 6, 2012, 9:56 [IST]