Mumbai May 4 (IANS) Indian equity markets cheered the decisions of the Cabinet Committee on Economic Affairs and traded on a buoyant note during the mid-afternoon trade session on Thursday with a key index again crossing the 30 000 points mark.
Banking stocks witnessed a surge of around 500 points or two per cent after the cabinet at a meeting chaired by Prime Minister Narendra Modi on Wednesday night approved an ordinance to amend the Banking Regulation Act to tackle the mounting non-performing assets (NPAs) of public sector banks.
Investors sentiments got a filip after the cabinet approved the National Steel Policy 2017 along with other major decisions.
According to market observers the US Federal Reserve s decision to keep key interest rates unchanged also boosted investors sentiments.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE reclaimed its psychologically important 30 000-mark.
The Sensex which opened at 30 069.72 points traded at 30 066.15 points (at 1.00 p.m.) -- up 171.35 points or 0.57 per cent from its previous close at 29 894.80 points.
The Sensex has so far touched a high of 30 098.82 points and a low of 30 007.40 points during the intra-day trade.
The BSE market breadth favoured was bullish -- with 1 374 advances and 1 287 declines.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 26.85 points or 0.29 per cent to 9 338.80 points.
The equity benchmark indices started off the day on a firm note despite of mixed global cues thanks to gains in banking stocks after the cabinet on Wednesday approved a new policy to deal with non-performing assets (NPAs) Dhruv Desai Director and Chief Operating Officer of Tradebulls told IANS.
The domestic equities also got a boost after the US Federal Reserve kept its policy rate unchanged in its two-day policy review. Negative opening in USD/INR futures too supported the firm opening of benchmark indices.
On Wednesday the benchmark indices closed on a flat-to-negative note on the back of negative global cues coupled with outflow of foreign funds and heavy selling pressure in healthcare oil and gas and banking stocks.
The NSE Nifty inched down by 1.85 points or 0.02 per cent to close at 9 311.95 points while the BSE Sensex closed at 29 894.80 points -- down 26.38 points or 0.09 per cent.
--IANS
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Indian equities cheer cabinet decisions, banking stocks zoom (Lead)
