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Sensex Up Over 150 Points, Nifty Above 14,550; Metal, IT Shares Outperform

Sensex Up Over 150 Points, Nifty Above 14,550; Metal, IT Shares Outperform

The S&P BSE Sensex and NSE Nifty 50 indexes edged higher in morning deals on Wednesday taking cues from other Asian markets which climbed to a record high on Wednesday as US Treasury Secretary nominee Janet Yellen advocated for a hefty fiscal relief package to help the world's largest economy ride out a pandemic-driven slump. ICICI Bank, Infosys, Tata Consultancy Services, Reliance Industries, HCL Technologies and HDFC were among the movers in the Sensex.

As of 9:24 am, the Sensex was up 169 points at 49,567 and Nifty 50 index advanced 49 points to 15,570.

At her confirmation hearing on Tuesday, Janet Yellen said the benefits of a big stimulus package are greater than the expenses of a higher debt burden.

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U.S. President-elect Joe Biden, who will be sworn into office on Wednesday, last week laid out a $1.9 trillion stimulus package proposal to boost the economy and speed up the distribution of vaccines.

Back home, Buying was visible across sectors as sixteen of 19 sector gauges compiled by the BSE were trading higher led by the S&&P BSE Metal and Information Technology indexes' over 1 per cent gain.