The Sensex rose more than 127 points in early trade on Thursday, with advances in index mainstays HDFC, Bajaj Finance, and ICICI Bank, despite a significant drop in global oil prices following the US’s announcement of a massive crude release.

Also Read| US Stock Market: DJIA, S&P500, Nasdaq and Russell ended in red on Wednesday

Traders indicated that renewed foreign capital inflows bolstered domestic shares. The BSE Sensex was up 127.38 points at 58,811.37. Likewise, the NSE Nifty rose 47.1 points to 17,545.35.

Also Read| Crypto Fear and Greed Index on Thursday, March 31, 2022

M&M, HDFC, Bajaj Finance, Axis Bank, Asian Paints, Kotak Mahindra Bank, ITC, HUL, ICICI Bank, and IndusInd Bank were the top gainers in early trade among the 30-share pack.

Also Read| Trade Setup: Top 15 things to know before market opens on March 31, 2022

Infosys, Wipro, PowerGrid, and Reliance Industries Limited, on the other hand, were among the laggards.

Also Read| FII & DII data: FPI bought shares worth Rs 1,357 crore on Wednesday, March 30, 2022

The 30-share BSE barometer index rose 740.34 points, or 1.28%, to 58,683.99 in the previous session. Similarly, the NSE Nifty gained 172.95 points, or 1%, to close at 17,498.25.

Also Read| Bulk Deals: Nippon sold RBL Bank shares, Lakshmi bought stake in Megasoft

Other Asian bourses were trading down during mid-session trades in Seoul, Shanghai, Tokyo, and Hong Kong. In the overnight session, stock markets in the United States closed on a negative note.

Also Read| NSE F&O Ban: Vodafone Idea is under ban on Thursday, March 31, 2022

According to reports, the US government is considering releasing a large amount of crude from its emergency reserves in order to combat inflation and supply problems. In the following months, it is expected to release up to 180 million barrels of oil from strategic reserves.

Also Read| Trending Stocks: Axis bank, Tata Motors, SBI, RBL and others in news today

Since Russia’s invasion of Ukraine last month, global crude prices have skyrocketed. On Thursday, the US government is expected to make a decision in this respect.

Also Read| Fuel prices hike: Petrol and Diesel rates increased by 80 paise on March 31, 2022

According to stock market statistics, Foreign Institutional Investors (FIIs) acquired shares worth Rs 1,357.47 crore on Wednesday.

Also Read| Stocks that should be on your watchlist on Thursday, March 31, 2022

Meanwhile, Brent crude, the international oil benchmark, fell 4.54% to USD 108.30 a barrel. In early trade, the rupee is up 23 paise to 75.67 against the US dollar.