The Indian equity benchmark Sensex and Nifty rallied as much as 1 percent amid confidence about upcoming Union Budget and dovish commentary by the US Federal Reserve after it kept attention rate unchanged.
The Interim Budget is planned tomorrow where Union Minister Piyush Goyal will current the temporary Budget for the fiscal year 2019-20 which happen to be the last budget before the General Elections due between April and May this year.
At 11:32 hours, the BSE Sensex was trading at 36,017.93, up by 426.68 points or by 1.2 percent, and the NSE Nifty jumped 90.65 points, or 0.85 percent, to trade at 10,742.45. In the day's trade so far, the BSE Sensex touched intraday high and low of 36,021.53 and 35,740.07, respectively. The NSE Nifty touched intraday high of 10,744 and intraday low of 10,678.55.
On Wednesday, the BSE Sensex ended tad lower by 1.25 points and the NSE Nifty closed with an unimportant loss of 0.4 points.
In commercial news, shares of Dewan Housing Finance Corporation (DHFL) touched 52-week low after media report not compulsory that the government has launched the probe into the allegation of financial misconduct against the company.
Shares of ICICI Bank were down 1 percent after the private sector lender's net profit declined 2.8 percent to Rs 1,604.9 crore in December quarter versus Rs 1,650 crore in the same period last year.
The Market breadth, representative the overall strength of the market, was strong. Out of 2282 shares traded, 1166shares advanced, 998 declined and 118 were unmoved.
Among the Sensex pack, Infosys was the top gainer, surging 3.21%, followed by Reliance Industries Ltd. (2.32%), Hindustan Unilever Ltd. (2.19%), Axis Bank Ltd. (2.17%), and IndusInd Bank Ltd. (1.64%), among others.
On the flip side, HCL Technologies, YES Bank, Hero MotoCorp and Bajaj Finance were among top losers on the Bombay Stock Exchange.
On the sectoral front, IT and Teck stocks gained the most, while consumer durables and metal stocks were under advertising pressure.
Broader indices, however, underperformed benchmark indices with BSE MidCap index trading slightly lower by 0.01 percent and BSE Small Cap index rising 0.46 percent.
Overseas, Asia stocks rally on Thursday, tracking positive closing at Wall Street, after the Federal Reserve assured to be patient with further interest rate hikes after maintaining the status quo in its latest policy declaration.
