Sensex surges over 500 points while Nifty around 16,330 in early trade

The Sensex jumped 500 points in early trade, tracking strong trends in global stocks, as equity markets resumed their previous day’s surge.

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The BSE Sensex gained 500.05 points to 54,752.58. The NSE Nifty rose 159.2 points to 16,329.35.

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IndusInd Bank, Bajaj Finserv, HCL Technologies, Tech Mahindra, Infosys, Wipro, and Bajaj Finance led the Sensex pack in early trade. NTPC, Power Grid, Nestle, Dr Reddy’s, and Tata Steel, on the other hand, were laggards.

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On Thursday, the Sensex rose 503.27 points, or 0.94%, to close at 54,252.53. The Nifty rose 144.35 points, or 0.90%, to 16,170.15.

Markets in Seoul, Shanghai, Tokyo, and Hong Kong were all trading in the green.

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On Thursday, stock markets in the United States finished considerably higher.

According to stock market statistics, foreign institutional investors maintained their selling binge on Thursday, offloading shares worth a net Rs 1,597.84 crore.

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“FPI selling, the main trigger for the market weakness in India, is showing signs of exhaustion. DIIs (domestic institutional investors) and retail buying and overwhelming FPI selling along with short covering can trigger a near-term rally,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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Brent crude, the international oil standard, rose 0.17% to USD 117.60 per barrel. The rupee rose 2 paise to 77.59 against the US dollar in early trade on Friday, boosted by significant buying in local shares and a weak greenback in global markets.