In early trade on Thursday, the Sensex rose more than 500 points, tracking advances in Reliance Industries, Titan, and ICICI Bank amid a favorable trend in global stocks. The 30-share Sensex was up 571.25 points, or 0.97 percent, to 59,760.98. Likewise, the Nifty gained 164.25 points, or 0.93 percent, to 17,810.25.

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All Sensex components were trading in the green. Titan was the biggest gainer, up about 9%, followed by IndusInd Bank, M&M, Maruti, Asian Paints, Reliance Industries, and L&T.

The 30-share index fell 555.15 points, or 0.93 percent, to 59,189.73 in the previous session, while the Nifty fell 176.30 points, or 0.99 percent, to 17,646.

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According to exchange statistics, foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday, offloading shares worth Rs 802.81 crore.

“Nifty’s range of 17,500- 18,000 is likely to be broken in the next few days. Outcomes of probable Taper timelines, MPC meeting, and Q2 results are likely to be market moving,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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An area of concern is the MPC sounding caution on the inflation front and gradually moving away from accommodative monetary policy, he said, adding that the Central bank will have to initiate measures to absorb the excess liquidity in the system. Globally, the US Fed’s communication on the Taper timeline, which in turn will be influenced by the non-farm payrolls data, will be keenly watched by the markets, he noted.

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In other Asian markets, bourses in Hong Kong, Seoul, and Tokyo were trading higher in mid-session trades. For the holidays, Shanghai was closed. In the overnight session, stock markets in the United States also concluded on a high note.

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Meanwhile, Brent crude, the international oil benchmark, fell 0.60 percent to USD 80.59 a barrel. Rupee rises 21 paise to 74.77 against US dollar in early trade.