Indian stock markets opened higher on Thursday with Sensex rising over 200 points and Nifty regaining the 10,200-level as shares of Bharti Airtel, HDFC Bank, HDFC, TCS and Tata Steel surged up to 2% in the morning deals. The S&P BSE Sensex surged 211.43 points or 0.64% to start the day at 33,244.52 while NSE Nifty added 62.05 points or 0.61% to begin the day at 10,216.25. Shares of Amtek Auto surged as much as 4.85% to a day’s high of Rs 23.8 after Liberty House emerged as the successful highest bidder for the company. Shares of the scam-hit PNB gained 0.94% to Rs 96.45 on Thursday after the anti-fraud agency SFIO had questioned PNB MD and CEO Sunil Mehta for five hours with regard to the Rs 12,700 crore fraud at the state-run bank.
Shares of Bharti Airtel topped Sensex after India’s largest telecom company said that its board of directors will meet on 12 March to consider fundraising opportunity. The stock of Airtel soared 2.13% to Rs 412 on Thursday on BSE. The stock of ICICI Bank recovered some of its losses after a continuous six-day falling streak with a two-day heavy decline after SFIO summoned ICICI Bank’s MD & CEO in connection with the PNB fraud on Tuesday this week. Apart from ICICI Bank, and Airtel, shares of Dr Reddy’s, HDFC, Infosys, Reliance Industries, Adani Ports and Tata Steel surged up to 1.5%. The benchmark Sensex extended gains in the wee hours of trading hitting a day’s high of 33,306.84, up by 273.75 points.
Shares of State Bank of India traded little changed, up 0.71% at Rs 248.4 after the Reserve Bank of India slapped a penalty of Rs 40 lakh on India’s largest lender by assets SBI for not complying with its directions on detection and impounding of counterfeit notes. Shares of Bhushan Steel surged heavily after Tata Steel emerged as the highest bidder for acquiring controlling stake in the debt-ridden Bhushan Steel undergoing insolvency proceedings. The stock of Bhushan Steel zoomed as much as 19.95% to a day’s high of Rs 48.7 on BSE.
The S&P 500 ended slightly lower after Wednesday’s volatile session as investors struggled to get a read on US trade policy after President Donald Trump promised hefty import tariffs but then said Mexico and Canada could be exempt, Reuters said in a report. The Dow Jones Industrial Average fell 82.76 points, or 0.33 percent, to 24,801.36 and the S&P 500 lost 1.32 points, or 0.05 percent, to 2,726.8, while the Nasdaq Composite added 24.64 points, or 0.33 percent, to 7,396.65.