Key domestic equity benchmark indices rebounded sharply in early trade Thursday, helped by improved sentiment across other Asian indices and short covering in frontline stocks ahead of the current month's derivatives expiry today.
Buying in large-cap IT and other index constituents helped benchmark Sensex gain 163 points to touch a high of 30,464.28.
The 30-share index, which had lost 269.33 points in the previous two sessions, spurted by 157 points, or 0.5 percent, to 30,459.54.
The broader 50-stock Nifty once again breached the crucial 9,400-mark at 9,410.10, up 49.55 points, or 0.5 percent from previous close.
FMCG, realty, IT, capital goods, consumer durables, banking, teck, oil&gas, auto, PSU and metal sectors were leading the rally.
The NSE Nifty was also trading higher by 34.15 points, or 0.36 per cent, at 9,394.70.
Brokers said market sentiment improved largely in tandem with a firming trend at other Asian bourses, tracking overnight gains at Wall Street as minutes from the Federal Reserve's latest policy meeting pointed to a June rate hike and indicated healthy US economy.
Fresh spell of buying by foreign investors, who were net sellers for several sessions, and further recovery in the rupee, also lifted the mood, they added.
Major gainers were GAIL, ITC Ltd, Asian Paints, ONGC, Infosys, HDFC Ltd, L&T, M&M, TCS, Coal India and Wipro, rising by up to 1.74 percent.
However, Lupin tumbled 5.51 percent to Rs 1,160 after the company yesterday reported over 49 per cent dip in consolidated net profit for the fourth quarter ended March.
"Tomorrow is the beginning of a new settlement. Five more stocks jump on the F&O bandwagon from tomorrow, taking the total to 209. The progress of the monsoon and the developments in the NPA resolution drive will decide the course of the markets in the next settlement," said V K Sharma, Head Private Client Group, HDFC Securities.
Globally, Hong Kong's Hang Seng was up 0.54 percent, Japan's Nikkei gained 0.53 percent while Shanghai Composite index edged higher by 0.08 percent in early trade today.
The US Dow Jones Industrial Average ended 0.36 percent in overnight trades.
Published Date: May 25, 2017 11:09 AM | Updated Date: May 25, 2017 11:16 AM