After suffering huge losses in the last few trading sessions due to the ongoing conflict in West Asia, stock market benchmark indices Sensex and Nifty rose in early trade on Thursday on the back of a bounce in global stock markets. The 30-share BSE Sensex rose 550.27 points to 79,666.46 in early trade. At the same time, NSE Nifty of 50 shares rose 171.45 points to reach 24,651.95. Recovering from its lowest level in early trade, the rupee is trading 48 paise higher at 91.57 against the US dollar.
Condition of Sensex companies
In the Sensex pack, Adani Ports, Reliance Industries, NTPC, Bharat Electronics, Tata Steel and Larsen & Toubro were among the major gainers. HCL Tech, Tech Mahindra, ICICI Bank and Asian Paints were among the laggards.
Growth seen in Asian markets
In Asian markets, South Korea’s Kospi index rose sharply and jumped 10 percent. Japan’s Nikkei 225, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index were also trading higher. The US market closed on a positive note on Wednesday. Globally, the US markets ended the last session on a strong note, while South Korea’s Kospi index traded sharply higher with gains of over 10 per cent, providing some supportive external signals. Global oil benchmark Brent crude rose to US$ 83.73, said Ponmudi R, CEO of online trading and wealth tech firm Enrich Money. There was an increase of 2.86 percent and it reached US $ 83.73 per barrel. According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 8,752.65 crore on Wednesday, while domestic institutional investors (DIIs) bought shares worth Rs 12,068.17 crore. The Sensex closed 1,122.66 points or 1.40 per cent lower at 79,116.19 on Wednesday, registering its fourth consecutive session of decline. Nifty closed 385.20 points or 1.55 per cent lower at 24,480.50, registering its third straight day of decline.