Sensex surges 600 points while Nifty around 15,860 in early trade
Sensex was trading at 53,142.50, up 601.11 points while Nifty gained 171 points to 15,863.15
Rupee gained 15 paise against the US dollar
Brent crude rose 0.68% to USD 119.32 per barrel
Following robust global trends and purchasing in index heavyweight Reliance Industries, benchmark indices recovered on Thursday after a four-day drop, with the Sensex rebounding nearly 600 points in early trade.
Sensex was trading at 53,142.50, up 601.11 points. The Nifty gained 171 points to 15,863.15.
Reliance Industries, Maruti, ICICI Bank, ITC, HDFC, and State Bank of India were among the early Sensex gainers. PowerGrid, Bharti Airtel, and Nestle, on the other side, were the laggards.
Elsewhere in Asia, markets in Tokyo, Seoul, and Shanghai were trading higher, while Hong Kong was trading slightly down. In the overnight session on Wednesday, stock markets in the United States closed with significant gains.
“Overnight gains in the US markets are expected to charge up local bulls after the policy rate hike of 75 basis points by the US Federal Reserve came in as anticipated”, said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.
"Easing WTI crude oil prices could also boost sentiment, as domestic equities have been under severe bear hammering for the past few sessions due to relentless FII selling," he added.
On Wednesday, the BSE benchmark fell 152.18 points, or 0.29%, to 52,541.39. The NSE Nifty fell 39.95 points (0.25%) to 15,692.15.
According to exchange statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Wednesday, selling shares worth Rs 3,531.15 crore.
Meanwhile, Brent crude, the international oil standard, rose 0.68% to USD 119.32 per barrel. The rupee gained 15 paise against the US dollar in early trade on Thursday, as the US Federal Reserve raised interest rates by 75 basis points and signalled future rate hikes to combat inflation.