Sensex opens above 50,200, Nifty tops 14,800; Bajaj Finance, Axis Bank top gainers

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Domestic equity markets opened with gains on Thursday morning amid positive global cues. S&P BSE Sensex opened above 50,200 levels while the 50-stock NSE Nifty was above 14,800. Bajaj Finance, Axis Bank, and SBI were the top gainers on Sensex while Infosys, Tech Mahindra, Dr Reddy’s and HCL Technologies were the only stocks trading with losses. Midcap and Smallcap indices were outperforming benchmarks. Nifty Midcap 50 was up 1,46% while the Smallcap 50 jumped 1.56%. India VIX, the volatility gauge, slipped 4.3% to fall below 20 levels. 

The US Federal Reserve Chair Jerome Powell and his colleagues upgraded their outlook for the US economy’s growth, which has been marred by the pandemic. Meanwhile, the Federal Reserve said that it continued to see near-zero interest rated through 2023. Powell said that the Fed expects inflation to rise in the short term but believes that it will be short-lived and will remain below 2% next year. The 10-year Treasury yields trimmed their gains as Powell spoke about the strong bounce-back expected in the US economy. 

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