Mumbai: Stock benchmark Sensex climbed over 350 points in the opening trade on Thursday, tracking the gains of the index majors Reliance Industries, HDFC Twins and ICICI Bank amid positive signals from global markets. The 30-share BSE index was up 355.23 points, or 0.76 percent, at 46,799.41, and the broader NSE Nifty rose 109.25 points, or 0.80 percent, to 13,710.35.
ONGC was the top winners in the Sensex package with a plus of around 5 percent, followed by Bharti Airtel, Bajaj Auto, Axis Bank, NTPC, Bajaj Finance, Titan, IndusInd Bank, the HDFC duo and Reliance Industries. On the other hand, Asian Paints, Infosys, Dr. Reddys Lab, TCS and Nestle India among the laggards.
In the previous session, Sensex rose 437.49 points, or 0.95 percent, to close at 46,444.18, and Nifty rose 134.80 points, or 1 percent, to 13,601.10. Foreign portfolio investors (FPIs) were net buyers in the capital market when they bought shares worth Rs.536.13 billion net on Wednesday, according to preliminary exchange data.
Domestic stocks appear to be doing well right now, said Binod Modi, head strategy at Reliance Securities, adding that Asian markets are trading positively as the Brexit trade deal outline has been hit. “Still afraid of a new one Coronavirus
The strain now appears to be easing as select European countries open borders to the UK. The FPI flow remains a major driver for domestic stocks and is expected to continue in the short term against the backdrop of the weak dollar, soft monetary policies from global central bankers, and fiscal stimulus in the US.
“The sustainability of the rebound in key economic data and the third quarter of FY21 earnings are likely to play an important role in the sustainability of premium ratings for domestic markets in the near future,” he said. US stocks performed higher for the most part as investors monitored US stocks’ progress Coronavirus Vaccine and Chances for an Economy Revitalized in 2021. However, President Donald Trump’s opposition to the recent bills passed by Congress was uncomfortable for the final trading session.
In other Asian countries, Seoul, Hong Kong and Tokyo stock exchanges traded positive mid-session, while Shanghai was in the red. Meanwhile, the global oil benchmark Brent crude oil futures were trading 0.41 percent higher at USD 51.45 a barrel.
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