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Sensex rallies by 367 points; Nifty crosses 10,600 levels on positive global cues

best stock tips, Bank Stock, Financial Service, Investment AdvisoryKey indices picked up in opening trade, Wednesday, tracking positive global stocks after a recent sell off with Sensex rallying above 400 points and Nifty topping 10,600 after 3-day massive fall. The Indian rupee rose against the USD on today ahead of the RBI’s interest rate decision due later today.

RBI is likely to keep the policy rates unchanged and it is expected to emphasize the risks to its policy trajectory from higher fiscal slippage and rising inflation.

The BSE Sensex traded higher by 171 points to 34,367, while the NSE Nifty rose 67 points to 10,566.05 in later morning hours.

Shares of SBI rose 2.21% to a day’s high of Rs 297.95 and were among the top five gainers out of the Sensex pack.

Shares of Hero MotoCorp gained 2% after the company reported a profit of Rs. 805.43 crore for the Q3 ended in December, while Lupin’s shares fell 2% after it reported a 65% drop in its December quarter net profit to Rs221.70 crore.

Shares of ONGC, Tata Steel, IndusInd Bank, Dr Reddy’s, Tata Motors, Maruti Suzuki, Mahindra and Mahindra, Adani Ports, Bharti Airtel, Kotak  Bank, ICICI Bank rose 1 to 3% in the early morning trades while shares HDFC, NTPC, Power Grid and HUL slumped up to 2 percent.

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