Recently appointed US Fed chairperson Janet Yellen on Tuesday said that she expects US economys recovery to continue and the central bank would pullback its stimulus package in a measured manner, allaying concerns of global growth. The Dow Jones Industrial Average closed 1.22% higher on Tuesday, while the NASDAQ Composite closed 1.03% higher.
All Asian indices were trading in the green. The Nikkei (0.56%), Hang Seng (1.47%), KOSPI (0.20%), Straits Times (0.21%), Jakarta Composite (0.46%) and Shanghai Composite (0.30%) were trading higher with positive Chinese trade data adding to the optimism.
Chinese exports beat expectations in January, rising 10.6% from a year earlier, while imports jumped 10%, leaving the country with a trade surplus of $31.9 billion for January.
Back home, Indias trade deficit narrowed in January to $9.92 billion from $10.14 billion in December. Among sectoral indices, BSE Bankex was trading 1.12% higher, BSE Capital Goods (1.42%), BSE Oil & Gas (1.36%) were the major gainers. Among individual stocks, ICICI Bank (3.21%), Gail (2.75%) and ONGC (2.43%) were the major gainers.