Sensex up 200 points, Nifty near 10,700; ICICI Bank, Tata Steel shares rally
The domestic stock markets –Sensex and Nifty–opened higher tracking positive global cues on Thursday morning. The Sensex is up 204 points to 35,796.11, while the Nifty is trading near the 10,700-mark. ICICI Bank shares gained by more than 2.7% to hit the day’s high at Rs 373.50, after the private sector lender reported strong Q3 results. For ICICI Bank, slippages came in lowest in 14 quarters, with Net Interest Margin coming in best in seven quarters. Tata Steel share price gained by nearly 2% to Rs 477.
Asia stocks rose to a four-month high on Thursday, tracking Wall Street, after the Federal Reserve pledged to be patient with further interest rate hikes, signaling a potential end to its tightening cycle amid signs of slowing global growth. The dollar struggled near a three-week trough against its major peers and U.S. Treasury yields were significantly lower as investors reacted to the Fed’s change in tone, Reuters reported.
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