Markets began higher on Wednesday, reflecting a gain in global peers as banking fears eased further after the Credit Suisse bailout and as investors await the US Federal Reserve’s rate decision later in the day.
The Nifty 50 index was up 0.23% at 17,146.35, while the S&P BSE Sensex was up 0.21% at 58,196.91 as of 9:35 a.m. IST.
Twelve of the 13 main sectoral indices went up, and companies in the information technology (IT) sector went up by more than 1%.Thirty-six of the Nifty 50 components gained ground.
After the bankruptcies of Silicon Valley Bank and Signature Bank, U.S. Treasury Secretary Janet Yellen committed to safeguard depositors in smaller banks.
The Swiss government-backed purchase of Credit Suisse by UBS over the weekend alleviated fears about financial stability for the time being.
World markets are now awaiting the Fed’s decision, which comes amid banking contagion worries. The likelihood of a 25-basis-point (bps) increase is 84.9%.
Individual stocks rose 14% when Ashiana Housing exceeded the yearly booking value projection of 11 billion rupees for 2022–23.
Hindustan Zinc went up by more than 4% after the company approved the fourth interim dividend of 26 rupees per share.
