Sensex rises over 150 pts in early trade; Nifty tests 15,700

Equity benchmark Sensex jumped over 150 points in early trade on Thursday, tracking gains in index-heavyweights Reliance Industries, Infosys and HDFC Bank amid a positive trend in global equities.

The 30-share BSE index was trading 160.07 points or 0.31 per cent higher at 52,101.71 in initial deals. Similarly, the broader NSE Nifty advanced 58.75 points or 0.38 per cent to 15,694.10.

PowerGrid was the top gainer in the Sensex pack, rising around 2 per cent, followed by ITC, Tech Mahindra, IndusInd Bank, NTPC, Sun Pharma and Dr Reddys.

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On the other hand, Bajaj Auto, Asian Paints, Maruti and Nestle India were among the laggards.

In the previous session, Sensex ended 333.93 points or 0.64 per cent lower at 51,941.64, and Nifty slumped 104.75 points or 0.67 per cent to 15,635.35.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 846.37 crore on Wednesday, as per provisional exchange data.

Domestic equities look to be good as of now. Previous sessions selling pressure was due to profit booking ahead of crucial US CPI data and European Central Bank (ECB) policy meeting outcome, said Binod Modi Head-Strategy at Reliance Securities.

“While sharp drop in daily caseload and phased withdrawal of business curbs by the states have significantly improved prospects of economic recovery, the governments decision to increase MSPs for several Kharif crops is a sensible move to enhance rural income,” he noted.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading on a positive note in mid-session deals.

US equities finished lower as profit-booking ahead of crucial May inflation data.

International oil benchmark Brent crude was trading 0.72 per cent lower at USD 71.70 per barrel.


(Except for the headline, this story has not been edited by The Federal staff and is auto-published from a syndicated feed.)

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