Sensex jumps 260 points while Nifty around 16,660 in early trade

The Sensex and Nifty began on a flat note on Friday, reflecting weaker global markets, but rebounded quickly to trade with considerable gains. 

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The 30-share BSE Sensex began lower, falling 414.44 points to 55,049.95 in early trade. However, it quickly recovered all of its losses and increased by 268.39 points to 55,732.78.

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Similarly, the wider NSE Nifty fell 124 points in early trading to 16,470.90. Soon after, buying resumed, and the 30-share index was quoted 70.70 points higher at 16,665.60.

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The Sensex closed the previous trading at 55,464.39, up 817.06 points or 1.50%. Similarly, the Nifty gained 249.55 points, or 1.53%, to finish at 16,594.90.

Bulldozing a resurgent rainbow coalition led by the Samajwadi Party, the BJP stormed back to power in Uttar Pradesh on Thursday, as well as in Uttarakhand, Manipur, and Goa, while Arvind Kejriwal’s AAP scored a stunning victory in Punjab, winning a three-fourth majority and defeating its rival.

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“The global stock market tumbled on Thursday as key peace talks between Russia and Ukraine came to a halt. As a result of the BJP’s triumph, the market gained confidence. However, with the ECB and US Federal Reserve meetings coming up in the coming days, caution is advised,” according to Mohit Nigam, Head – PMS, Hem Securities.

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During mid-session trades, bourses in Hong Kong, Tokyo, and Shanghai were trading lower. On Thursday, stock markets in the United States closed lower.

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According to exchange statistics, foreign institutional investors maintained their selling binge in Indian markets on Thursday, offloading shares worth Rs 1,981.15 crore on a net basis.

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Meanwhile, the international oil benchmark Brent crude fell 0.36% to USD 108.90 per barrel. In early trade, the rupee rises 16 paise to 76.27 against the US dollar.