Sensex rallies over 300 points, Nifty reclaims 11,300-mark in early trade on positive global cues; HDFC Bank, Infosys among major gainers
In early trade, IndusInd Bank, HDFC Bank, Sun Pharma, Vedanta, HDFC, Axis Bank, Infosys and Maruti led the gains on Sensex, rising up to 2.35%.
In the previous session, the 30-share index tumbled 135.09 points or 0.36% to close at an over two-month low
Tata Motors, Kotak Bank, Yes Bank, Asian Paints, ONGC and M&M fell up to 2.28%
Investors are also upbeat ahead of the expiry of July futures and derivatives contracts
Mumbai: Domestic equity benchmark BSE Sensex rallied over 300 points in early trade on Thursday tracking gains in HDFC twins and Infosys ahead of July derivatives expiry, amid positive global cues.
The 30-share index was trading 309.16 points or 0.82 percent higher at 38,156.81 at 0945 hours; and the broader Nifty also surged 81.15 points or 0.72 percent to 11,352.45.
In the previous session, the 30-share index tumbled 135.09 points or 0.36 percent to close at an over two-month low of 37,847.65. Similarly, the Nifty dropped 59.75 points or 0.53 percent to 11,271.30.
In early trade, IndusInd Bank, HDFC Bank, Sun Pharma, Vedanta, HDFC, Axis Bank, Infosys and Maruti led the gains on Sensex, rising up to 2.35 percent.
On the other hand, Tata Motors, Kotak Bank, Yes Bank, Asian Paints, ONGC and M&M fell up to 2.28 percent.
According to traders, besides tracking firm global cues, benchmark indices rallied on gains in index heavyweight HDFC and HDFC Bank stocks.
Investors are also upbeat ahead of the expiry of July futures and derivatives contracts, they said.
On a net basis, foreign institutional investors sold equities worth Rs 1,393.71 crore, while domestic institutional investors purchased shares to the tune of Rs 2,140.26 crore, provisional data available with stock exchanges showed on Wednesday.
Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading in the green in their respective early sessions.
Equities on Wall Street too ended on a positive note on Wednesday.
Meanwhile, the Indian rupee appreciated marginally to 68.96 against the US dollar (intra-day).
The global oil benchmark Brent crude futures were trading 0.17 percent higher at 63.29 per barrel.
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Sensex increased by 568.90 points to end at 61,305.95 while Nifty ended at 18,337.90 after gaining 176.15 points.