At around 09.31 am, Sensex was trading at 59,400.22 higher by 472.89 points or 0.80%. The index has touched an intraday high and low 59,417.66 and 59,243.15 respectively.
Nifty 50 performed at 17,681.15 up 134.50 points or 0.77%. The index has touched an intraday high and low of 17,693.15 and 17,646.55 respectively.
In terms of sectoral indices, on BSE, the Bankex index jumped more than 505 points. Meanwhile, the Metal index climbed over 260 points. Capital Goods and Auto index surged nearly 1% each.
The top bulls on Sensex were - Axis Bank climbed 1.9% followed by Bajaj Finserv soared 1.5%. Tata Steel, SBI, HDFC Bank, Kotak Bank and benchmark heavyweight Reliance Industries zoomed more than 1% each.
Stocks like L&T, Infosys, Power Grid, Sun Pharma, HCL Tech, Nestle, IndusInd Bank, M&M, Bajaj Finance, Bajaj Auto and Ultratech Cement advanced 0.5-1%.
However, Titan was the only laggard on Sensex with a marginal downside.
On the global front, Asian stocks were mixed with Hong Kong's Hang Seng emerging as top bull by surging over 1%. Australia's S&P/ASX also gained over 1.2%. While South Korea's KOSPI returned after three days holiday and was trading on a lower note, slipping 0.6%. Japan's Nikkei 225 plunged more than 200 points. Meanwhile, China's Shanghai Composite which has grabbed attention globally among trades due to Evergrande default was trading marginally up.
Evergrande which is struggling with $300B liabilities, has skyrocketed by at least 20% so far today before pulling back but maintaining a sharp upside. Although year-to-date, the company's shares still have nosedived by more than 80%. Evergrande is in focus as investors are on wait-on-watch mode about whether the company will be able to pay its interest due on dollar-denominated bonds.
The company had announced that it will pay bond interests on Thursday that gave some cushion to investors fear. As per a Reuters report, China Evergrande Group’s chairman said the firm’s top priority is to help wealth investors redeem their products.
Further, Asian markets performance came after the US Federal Reserve held benchmark interest rates near zero. The Fed, however, signalled about rate hikes sooner than expected. Also, the Fed indicated that tapering of bonds will be soon, meanwhile, it significantly trimmed its economic outlook for this year.
Overnight, on Wall Street, US markets ended with gains as the Federal Reserve Chairman indicates tapering with timelines in line with market expectations. Oversold indices bounce back as short-covering sees Dow Jones closed higher by over 330 points while Nasdaq gains 150 points. Bond yields closed near 1.30% while the US dollar index also closed near 2-month highs at 93.46.