Sensex soars over 350 points on global cues, Nifty reclaims 10,800-mark; metal, FMCG, power stocks rally

Mumbai:  The benchmark BSE Sensex surged over 350 points and the NSE Nifty reclaimed the 10,800 mark in early trade Thursday on positive trend in other Asian bourses as dovish comments from US Federal Reserve Chairman Jerome Powell boosted investor sentiment here.

Short-covering of bets on the last session of November futures and options (F&O) derivatives series kept the market mood upbeat.

Rally in rupee, which gained 57 paise against the US dollar, also supported the up movement in the domestic stock market.

 Sensex soars over 350 points on global cues, Nifty reclaims 10,800-mark; metal, FMCG, power stocks rally

Representative image. Reuters

The 30-share index, which had gained 203.81 points in the previous sessions, spurted 364.32 points, or 1.02 percent, to trade at 36,081.27.

The NSE Nifty was also trading 80.30 points, or 0.74 percent, higher at 10,809.15.

Major gainers were Vedanta, RIL, Tata Steel, ITC, PowerGrid, IndusInd Bank, Bajaj Auto, Tata Motors, SBI, HUL and ICICI Bank, rising up to 3.81 percent.

While, Yes Bank fell 4.55 percent, ONGC 1.89 percent, Coal India 1.27 percent, TCS 0.93 percent and Infosys 0.35 percent.

Metal, FMCG, power, banking, auto, consumer durables, healthcare, capital goods, realty, oil and gas and PSU sector stocks were leading the market rally.

Brokers said that the market mood remained buoyant, bolstered by foreign institutional investors' buying coupled with a firming trend overseas tracking a Wall Street rally overnight after US Federal Reserve Chairman Jerome Powell said that the central bank's benchmark interest rate is likely to be near a neutral level.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 961.26 crore Wednesday, while domestic institutional investors sold shares to the tune of Rs 330.29 crore, provisional data with stock exchanges showed.

Overseas, Hong Kong's Hang Seng was up 0.83 percent, Japan's Nikkei gained 0.88 percent and Shanghai Composite index edged higher by 0.46 percent in early trade.

On Wall Street, the US Dow Jones Industrial Average ended 2.50 percent up Wednesday.

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Updated Date: Nov 29, 2018 10:15:28 IST