Key benchmark indices jumped in early trade tracking firmness in Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex was up 222.32 points or 0.8% at 27,936.69. The Nifty 50 index was currently up 70.50 points or 0.82% at 8,621.60. Metal and banking stocks led gains on the bourses.
In overseas stock markets, Asian stocks rose driven by the Bank of England's aggressive stimulus measures, but with traders keeping a wary eye on US jobs data due later in the global trading day. The Bank of England yesterday, 4 August 2016 cut its benchmark interest rate by 25 basis points to 0.25% from 0.5%, the lowest in its 322-year history. It expects to cut the rate further in the months ahead. The central bank also revived a UK government bond-buying program, also known as quantitative easing, that has been on pause since 2012, and said it would begin buying corporate bonds. US stocks ended little changed yesterday, 4 August 2016 as investors kept to the sidelines ahead of US payrolls report for July. The monthly hiring data due later in the global day will help investors gauge the health of the economy and possibly offer insight as to when the Federal Reserve will raise interest rates again.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,175 shares rose and 292 shares fell. A total of 44 shares were unchanged. The BSE Mid-Cap index was currently up 67%. The BSE Small-Cap index was currently up 0.77%. Both these indices underperformed the Sensex.
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