Bombay: Benchmark Sensex equities jumped more than 350 points at the opening of the trade on Thursday, tracking gains in major indices Reliance Industries, HDFC twins and ICICI Bank amid positive signals from global markets. The 30-share BSE index was trading 355.23 points or 0.76 percent higher at 46,799.41, and the broader NSE Nifty was up 109.25 points or 0.80 percent at 13,710.35.
ONGC was the top winner in the Sensex package, with an increase of around 5 percent, followed by Bharti Airtel, Bajaj Auto, Axis Bank, NTPC, Bajaj Finance, Titan, IndusInd Bank, HDFC duo and Reliance Industries. On the other hand, Asian Paints, Infosys, Dr Reddy’s Lab, TCS and Nestlé India were among the laggards.
In the previous session, Sensex was up 437.49 points or 0.95 percent to close at 46,444.18, and Nifty was up 134.80 points or 1 percent at 13,601.10. Foreign portfolio investors (FPIs) were net buyers in the capital market, buying shares worth 536.13 million rupees on a net basis on Wednesday, according to interim exchange data.
Domestic stocks appear to be doing well at the moment, Binod Modi Head-Strategy at Reliance Securities said, adding that Asian markets are trading positively as the Brexit trade deal scheme has been reached. “Also, the fear of a new coronavirus
The tension seems to be easing now with some European countries opening borders for Britain. FPI flow remains a key driving force for domestic equities, which is expected to remain in the short term amidst a weak dollar, soft monetary policies from global central bankers, and US fiscal stimulus.
“The sustainability of the recovery in key economic data and 3QFY21 earnings is likely to play an important role for domestic markets in the sustainability of premium valuations in the near term,” he said. US equities mostly finished higher as investors monitored the progress of the coronavirus vaccine and chances of a revived economy in 2021. However, President Donald Trump’s opposition to recent bills passed by Congress offered some discomfort towards the last business session.
Elsewhere in Asia, the Seoul, Hong Kong and Tokyo stocks were trading on a positive note in mid-session trading, while Shanghai was in the red. Meanwhile, the world’s benchmark Brent crude oil futures were trading 0.41 percent higher at $ 51.45 a barrel.
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