Sensex jumps 200 pts, Nifty50 tests 11,050; IOB rallies 12%

Sensex jumps 200 pts, Nifty50 tests 11,050; IOB rallies 12%

Benchmark index Sensex hit fresh all-time high in Wednesday's trade after the US Federal Reserve Chairman Jerome Powell in a written testimony to the Senate Banking Committee said that he sees years more of steady growth for US and noted that only gradual rate hikes are the best way forward. 

Powell noted that the US central bank has been gradually hiking interest rates and the Fed's securities holdings to more normal levels as the economy strengthens. "We believe this this is the best way we can help set conditions in which Americans who want a job can find one, and in which inflation remains low and stable," he said. 

The BSE Sensex climbed over 200 points to hit a all-time high of 36,747.87, before paring some gains. At 9.32 am, the index was trading 100 points higher at 36,620. 

Nifty50 rose 37 points, o 0.34 per cent, to 11,045. The Nifty Next 50 index had turned negative by the time of writing this copy. 

Sensex stocks such as Adani Ports, ONGC, HDFC and HDFC Bank rose 1.96 per cent, 1.38 per cent, 0.95 per cent and 0.93 per cent, respectively. Coal India, WiproNSE 0.19 %, Asian Paints and Maruti Suzuki added up to 0.9 per cent. 

Shares of Punjab National Bank (PNB), Indian Overseas Bank, Andhra Bank, Allahabad Bank and Corporation Bank soared up to 14 per cent in the early trade on Wednesday after reports that the finance ministry on Tuesday approved infusion of Rs 11,336 crore in five state-owned lenders to help them meet regulatory capital requirement. 

Indian Overseas Bank rallied as much as 13.75 per cent, while Corporation Bank gained as much as 10 per cent. 

Allahabad Bank, Andhra Bank and Punjab National Bank advanced up to 3 per cent. 

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