Equity indices up on positive global cues, metal stocks shine

Equity benchmark indices edged higher during early hours on Thursday on the back of favourable global cues amid optimism over economic recovery and the government's privatisation plans.

At 10:15 am, the BSE SandP Sensex was up by 414 points or 0.82 per cent at 51,196 while the Nifty 50 ticked up by 142 points or 0.9 per cent to 15,124.

Among stocks, Hindalco was up by 4.7 per cent to Rs 348.55 per share while Tata Steel advanced by 2.4 per cent to Rs 745.50 and JSW Steel by 2.2 per cent to Rs 416.80.

Axis Bank was up by 3.5 per cent, IndusInd Bank by 3.4 per cent, Tata Consultancy Services by 2.7 per cent and Dr Reddy's by 2.4 per cent.

However, FMCG stocks did not fare well with Nestle India down by 1 per cent.

Hindustan Unilever, Britannia, Titan, Eicher Motors and Mahindra and Mahindra were also in the negative zone.

Meanwhile, Asian stocks jumped after US Federal Reserve Chair Jerome Powell reaffirmed interest rates will stay low for a long time.

That calmed market fears that higher inflation may prompt the central bank to tighten the monetary spigot.

MSCI's ex-Japan Asia Pacific shares index rose by 1 per cent while Japan's Nikkei gained by 1.6 per cent.