The BSE Sensex climbed over 293 points in early trade on Friday as benchmark indices got off to a strong start owing to fresh foreign fund purchasing and broadly upbeat global market trends.
In early trade, the BSE Sensex rose 293.33 points to 55,975.28. The NSE Nifty gained 92.5 points to 16,697.75.
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Kotak Mahindra Bank, HDFC, Titan Company, UltraTech Cement, ICICI Bank, HDFC Bank, State Bank of India, and Reliance Industries were among the Sensex members trading in the green.
Infosys, IndusInd Bank, NTPC, and ITC were all trading down.
In Asia, Tokyo and Hong Kong markets were higher, while Seoul and Shanghai were lower. On Thursday, the US markets finished higher.
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According to exchange statistics, foreign institutional investors continued to be net purchasers on Thursday, purchasing shares worth Rs 1,799.32 crore.
The Sensex rose 284.42 points, or 0.51%, to 55,681.95 on Thursday. The Nifty rose 84.40 points, or 0.51%, to 16,605.25.
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“Domestic market is likely to see a positive start on Friday thanks to optimism in other world equity indices, as falling crude oil prices and easing bets on the US Fed rate hike have provided investors with a major relief, triggering a rally in the past few sessions,” said Prashanth Tapse, Vice President (Research), Mehta Equities Limited.
“In the domestic market, FIIs have started taking exposure to local shares, with a net purchase of Rs 1,799 crore in yesterday’s trade,” he added.
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Meanwhile, Brent crude, the international oil benchmark, rose 1.08% to USD 104.96 a barrel. The rupee fell 7 paise to 79.92 against the US dollar in early trade on Friday, reflecting the dollar’s strength in the offshore market and rising crude oil prices.
