Sensex Rises Over 250 Points, Nifty Firm Above 10,050

Punjab National Bank dropped over 5 per cent following the Rs 11,400 crore scam at one of its Mumbai branches. Gitanjali Gems shares plunged over 15 per cent.

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Sensex Rises Over 250 Points, Nifty Firm Above 10,050

Banking, metal and IT stocks led the gainers

The BSE benchmark Sensex surged over 250 points amid higher global markets. The Sensex rose as much as 270 points in early trade to 34,425 while Nifty rebounded above 10,550. Banking, metal and IT stocks led the gainers. Asian stocks gained today after Wall Street brushed aside strong US inflation data and surged. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1 per cent.

Wall Street surged on Wednesday, with the Dow up 1 percent and the S&P 500 climbing 1.34 per cent, as investors shrugged off the stronger-than-expected inflation data and snapped up shares of Facebook, Amazon.com and Apple. US consumer prices rose more than forecast in January as Americans paid more for gasoline, rental accommodation and healthcare, further raising inflation concerns and the prospect of the Federal Reserve hiking interest rates more than initially expected.

That drove U.S. Treasury yields on most maturities higher on Wednesday, with those on benchmark 10-year notes hitting a four-year high.

Back in the domestic markets, Vedanta and Hindalco, both up over 3 per cent, were among the top gainers in Nifty50 stocks. Other gainers included ICICI Bank, SBI, Yes Bank and Infosys, up around 2 per cent.

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Punjab National Bank dropped over 5 per cent following the Rs 11,400 crore scam at one of its Mumbai branches. Gitanjali Gems shares plunged over 15 per cent.

At 11:30 am, the Sensex was up 209 points at 34,365 while Nifty rose 62 points to 10,563.

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