Sensex surges 300 points while Nifty around 15,900 in early trade
- Sensex rose 317.52 points to 53,451.87 while Nifty gained 81.8 points to 15,892.65
- Rupee rose 9 paise to 79.24 against the US dollar
- Brent crude rose 1.31% to USD 104.13 a barrel
The Sensex rose 317 points in opening trade on Wednesday, as foreign funds turned net purchases of domestic equities after a long time.
In early trade, the 30-share BSE benchmark index rose 317.52 points to 53,451.87. The NSE Nifty gained 81.8 points, to 15,892.65.
Asian Paints, Bajaj Finance, Axis Bank, Bajaj Finserv, Maruti Suzuki India, and Kotak Mahindra Bank were the top gainers on the Sensex. The laggards were Tata Steel, NTPC, Power Grid, and Reliance Industries.
On Tuesday, the BSE benchmark fell 100.42 points, or 0.19%, to 53,134.35. The Sensex fell 24.50 points, or 0.15%, to 15,810.85.
"There are lots of signals from markets: Brent crude crashed to near USD 100 a barrel, dollar index rose above 106, rupee again depreciated to an all-time low, euro is at 20-year low to the dollar and, perhaps most importantly from Indian market perspective, FIIs turned buyers after a long gap," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
According to preliminary NSE data, FIIs became net purchases for the first time since May 30 on July 5, acquiring shares worth Rs 1,295.84 crore.
Meanwhile, Brent crude, the international oil benchmark, rose 1.31% to USD 104.13 a barrel. The rupee rose 9 paise to 79.24 against the US dollar in early trade on Wednesday, recovering from a record low.