PSU Bank Stocks Rally: The Indian stock market has started Wednesday’s trading session with positive signs. In early morning trading, both Sensex and Nifty were seen trading in the green. Banking and IT sectors mainly contributed to this market boom. Amid mixed signals from global markets, domestic investors have emphasized on buying.
Strong start of the market
Indian benchmark indices opened with gains on Wednesday morning. In the initial minutes itself, BSE Sensex jumped by about 188 points and reached the level of 84,868. At the same time, Nifty of National Stock Exchange was seen trading at the level of 25,921 with a gain of 61 points. Market experts believe that buying in large-cap stocks has helped in keeping the index up.
Shopping in government banks and IT sector
In today’s session, the maximum brightness is being seen in public sector banks (PSU Banks). The Nifty PSU Bank index is trading with a gain of about one percent. Along with this, investors are also showing interest in shares of IT, auto, metal and energy sectors.
On the other hand, minor pressure is visible in FMCG and media sectors. Talking about big stocks, SBI, Axis Bank, TCS and Maruti Suzuki are among the major profit making stocks.
Performance of midcaps and smallcaps
There is a buying environment not only in big stocks but also in midcap and smallcap indices. The Nifty Midcap 100 index witnessed a rise of 0.12 per cent, while the Smallcap index was also trading in the green.
This shows that positive sentiment remains across the board. Talking about Asian markets, markets of Tokyo, Shanghai and Hong Kong also opened with gains, which provided additional support to the domestic market.
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condition of commodity market
Today there is a lot of activity in the stock market as well as in the commodity market. Gold and silver are trading rapidly on the international market (Comex). Gold prices have increased by about 0.46 percent, while silver is showing a strength of more than 4 percent.
Crude oil prices have also increased by more than one percent, due to which the prices of WTI and Brent crude have gone up.
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