Sensex Rises Over 300 Points, Nifty Above 10,700

On Thursday Indian stock markets started on a higher note tracking positive global cues. The S&P BSE Sensex rose as much as 343.46 points to touch 35,934.71, while the Nifty50 barometer of the National Stock Exchange surged by 80.6 points to 10,732.40. The gains on Dalal Street were led by buying in energy, IT and banking stocks. Heavyweights Reliance Industries, Infosys, ICICI Bank, HDFC and Hindustan Unilever contributed the most to the advances on the Sensex.

At 10:46 am, the 30-share benchmark index traded 340.94 points or 0.96 per cent higher at 35,932.19, and the Nifty was at 10,724.00, up 72.20 points or 0.68 per cent from the previous close.

Top advancers on the 50-scrip index were GAIL, Hindustan Petroleum, Infosys, Tech Mahindra and Reliance Industries, trading between 1.99 and 2.53 per cent higher. The Nifty energy index was 1.69 per cent up at that time. Ahead of their quarterly results, shares of Bharti Airtel rose up to 1.6 per cent on the NSE.

Globally, investor’s sentiment was buoyed by dovish comments from the Federal Reserve after it left the key lending rate unchanged on Wednesday, traders were quoted as saying in news agency Press Trust of India (PTI) report. The central bank said it would be “patient” about making any further changes, in the clearest signal yet the central bank has heeded concerns about the economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose to its highest since October 4 and was last up 0.7 per cent.

Global investors were also optimistic about the ongoing two-day high-level talks between the US and China aimed at settling a six-month trade war that has weakened both sides, shaken financial markets and clouded the outlook for the global economy.

Domestic market, however, will continue to be volatile ahead of the interim budget which will be announced on Friday, traders added. January series derivatives expiry in this session will also keep investors on edge, they said.

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs. 130.25 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs. 502.26 crore, provisional data available with NSE showed.