Sensex surges over 300 points in early trade
Equity benchmark Sensex surged over 300 points in early trade on Thursday, tracking gains in index heavyweights HDFC twins, ICICI Bank and Infosys amid a positive trend in global markets. The 30-share BSE index was trading 343.32 points or 0.69 percent higher at 50,005.08, and the broader NSE Nifty advanced 102.90 points or 0.69 percent to 14,921.95.
Who were the top gainers and losers?
HDFC was the top gainer in the Sensex pack, rising around 2 percent, followed by Bajaj Finserv, Tech Mahindra, UltraTech Cement, ICICI Bank, SBI, and Infosys. On the other hand, Bajaj Auto, ONGC, Nestle India, Dr. Reddy's, and Kotak Bank were among the laggards.
Sensex closed 0.94 percent higher in the previous session
In the previous session, the 30-share BSE index Sensex jumped 460.37 points or 0.94 percent to finish at 49,661.76, and the broader NSE Nifty advanced 135.55 points or 0.92 percent to 14,819.05. Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 227.42 crore on Wednesday, as per exchange data.
Assurance of no lockdown kept the market in positive
"Domestic equities look to be modestly good now. The market has once again defied concerns of rising COVID-19 cases after favorable outcome from RBI's policy meeting and assurance of no nationwide lockdown by government," said Binod Modi, Head-Strategy at Reliance Securities. However, local-level mobility restrictions due to the continued surge in coronavirus cases are expected to keep markets volatile in the near term.
Minutes of FOMC meeting offered respite to global equities
US equities mostly ended with marginal gains after the release of minutes of the Federal Open Market Committee (FOMC) meeting, which showed members of the Federal Reserve were in no hurry to tighten monetary support amid the pandemic. Fed officials stated that it will take some time before any type of tapering of the monthly asset purchase program and tightening in policy rates.
Brent crude is trading at $63.04 per barrel
Elsewhere in Asia, bourses in Shanghai, Hong Kong, and Seoul were trading on a positive note in mid-session deals, while Tokyo was in the red. Meanwhile, the global oil benchmark Brent crude was trading 0.19 percent lower at $63.04 per barrel.
