Indian stock markets zoomed to record highs in opening trading on Wednesday following positive global cues. The markets were helped by gains witnessed across the Asian indices on hopes of additional stimulus measures in the US.
The benchmark 30-share index of the Bombay Stock Exchange, Sensex soared 300 points to trade at a record peak of 46,570. Similarly, the 50-share index of the National Stock Exchange gained 69 points to trade at 13,636.
Banking and financial services stocks like HDFC, HDFC Bank, apart from Reliance Industries and Mahindra & Mahindra, were up in opening trading.
Fertiliser companies were also trading at higher levels on expectations that the Indian government will soon initiate the direct transfer of the subsidy to the accounts of the beneficiaries. Auto companies were also trading at higher levels in the Indian stock markets.
Bullish sentiments also prevailed in the market due to the expectation of over $1.4 trillion in additional stimulus in the US economy. House of Representatives Speaker Nancy Pelosi has called for a meeting on the issue of the stimulus. Markets also keenly await US Federal Reserve’s new projections on the economy.
Japan’s Nikkei 225, Hong Kong’s Hang Seng and Kospi in South Korea were up in opening trading.