The Sensex rose 239 points on Thursday, tracking strong global market trends. The BSE Sensex was up 239.3 points to 53,753.45. The NSE Nifty gained 74.7 points to 16,041.35.

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Sun Pharma, Dr Reddy’s Lab, HDFC, Larsen & Toubro, IndusInd Bank, HDFC Bank, ITC, and ICICI Bank were the top gainers among Sensex components. The laggards were Tata Steel, Axis Bank, Tech Mahindra, and State Bank of India.

In Asia, Shanghai, Hong Kong, Tokyo, and Seoul were all trading in the green. On Wednesday, the US markets finished lower.

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“Even though the keenly awaited US CPI inflation data for June came at 9.1% against the expectation of 8.8%, the US markets declined only moderately, by less than 1%,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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Foreign institutional investors (FIIs) sold shares worth a net Rs 2839.52 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 1799.22 crore in the Indian equity market on July 13, as per provisional data available on the NSE.  

The BSE Sensex fell 372.46 points, or 0.69%, to 53,514.15 on Wednesday. The Nifty dropped 91.65 points (0.57%) to 15,966.65.

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“FIIs have used the July rally to press further big selling after what appeared as selling exhaustion in early July. This renewed FII selling may strengthen the bears but DIIs and retail investors are likely to turn strong buyers at every dip since India’s economic fundamentals are strong and, more importantly, valuations are attractive, particularly in segments/stocks where FIIs are selling,” Vijayakumar added.

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Meanwhile, Brent crude, the international oil benchmark, rose 0.69% to USD 100.23 a barrel. In early trade on Thursday, the rupee surged 7 paise to 79.74 against the US dollar, boosted by a positive trend in domestic markets.