The Sensex rose nearly 362 points on Thursday, tracking a strong trend in global markets and foreign capital inflows. Investing in IT stocks also contributed to the momentum.
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The BSE Sensex rose 362.13 points to 58,712.66. The NSE Nifty increased by 102.55 points to 17,490.70.
Infosys, Wipro, Tech Mahindra, Tata Consultancy Services, Dr Reddy’s, Larsen & Toubro, HCL Technologies, Bajaj Finance, and UltraTech Cement were the top gainers among Sensex components.
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Among the laggards were NTPC, State Bank of India, Maruti Suzuki India, Reliance Industries, and Titan.
In Asia, markets in Seoul, Tokyo, Shanghai, and Hong Kong were trading in the green. On Wednesday, US markets finished considerably higher.
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On Wednesday, the Sensex closed 214.17 points, or 0.37% higher, at 58,350.53. The Nifty rose 42.70 points, or 0.25%, to 17,388.15.
According to exchange statistics, foreign institutional investors continued to be net buyers in the capital markets on Wednesday, purchasing shares worth Rs 765.17 crore.
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“In India, FPIs turning buyers has changed the sentiments in favour of the bulls. The market momentum is so strong that it is overpowering negatives like higher valuations and rising trade deficit,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“If FPI buying sustains, the market may continue to remain resilient, but investors should exercise some caution,” he added.
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Meanwhile, international oil benchmark Brent crude climbed 0.24% to USD 97.02 per barrel. The rupee depreciated 36 paise to 79.51 against the US dollar in opening trade on Thursday, as disappointing macroeconomic data and US-China tensions weighed on investor sentiment.
