Sensex jumps over 350 points; Nifty tops 15,650
Equity benchmark Sensex surged over 350 points in early trade on Thursday, tracking gains in index-heavyweights Reliance Industries, HDFC, and Infosys amid a largely positive trend in global markets. The 30-share BSE index was trading 361.24 points or 0.70 percent higher at 52,210.72 in initial deals, and the broader NSE Nifty jumped 100.25 points or 0.64 percent to 15,676.45.
Here are the winners and losers
Titan was the top gainer in the Sensex pack, rising over four percent, followed by Reliance Industries, PowerGrid, Kotak Bank, HDFC, ONGC, and Infosys. On the other hand, NTPC, Bajaj Auto, IndusInd Bank, Nestle India, Dr. Reddy's, SBI, and Sun Pharma were among the laggards.
FIIs purchased shares worth Rs. 921.10 crore on Wednesday
In the previous session, Sensex ended 85.40 points or 0.16 percent lower at 51,849.48, while Nifty inched up 1.35 points or 0.01 percent to 15,576.20. Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs. 921.10 crore on Wednesday, as per provisional exchange data. Experts say declining COVID-19 numbers are a major factor affecting the markets.
Declining COVID-19 cases and rising recovery rates are major factors
"Domestic equities look to be good till now. Increased optimism about economic recovery with continuous fall in daily COVID-19 caseload and improvement in recovery rates has led domestic equities to new highs," said Binod Modi, Head Strategy at Reliance Securities. "The gradual withdrawal of restrictions by states, which hints at improvement in economic indicators from the current month, also lifted market mood," he added.
Brent crude is trading at $71.79 per barrel
Elsewhere in Asia, bourses in Shanghai, Tokyo, and Seoul were trading in the positive territory in the mid-session deals, while Hong Kong was in the red which is negative territory. Equities on Wall Street closed with gains in the overnight session. International oil benchmark Brent crude was trading 0.62 percent higher at $71.79 per barrel.