Stock Market: Sensex Jumps Over 350 Points, Nifty Trades Above 18,100 Amid Strong Cues

The two key equity benchmarks, Sensex and Nifty, opened higher in early morning trade on Thursday tracking strong global sentiments.

At 9.40 am, the S&P BSE Sensex was up 366 points to 61,641. On the other hand, NSE Nifty50 was trading at 18,123, up 108 points.

On the 30-share Sensex platform, TechM, Sun Pharma, Reliance, M&M, TCS, Infosys emerged winners. On the flip side, Bajaj Finserv and Bajaj Finance were the only two trading in the red.

Among individual stocks, shares of Patel Engineering soared over 9 per cent after the company was declared lowest bidder (L1) for Rs 1,567 crore projects in Madhya Pradesh and Maharashtra. Besides, shares of Bharat Dynamics gained over 2 per cent after the company launched three new products during the ongoing Aero India – 2023 event in Bengaluru.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices climbed up to 0.6 per cent.

All sectors started trade in the positive territory, with Nifty IT and Nifty Metal indices taking the lead and climbing up to 0.8 per cent.

In the previous session on Wednesday, the S&P Sensex gained 243 points to 61,275. The NSE Nifty reclaimed the 18,000-mark, settling with gain of 86 points at 18,016.

Meanwhile, the rupee gained 21 paise to 82.62 against the US dollar in early trade on Thursday supported by broad dollar weakness and a firm trend in domestic equities. Forex traders said upbeat domestic trade deficit data and foreign fund inflows supported investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 82.72 against the dollar, then gained ground and touched 82.62, registering a rise of 21 paise over its previous close. On Wednesday, the rupee settled at 82.83 against the US dollar.

Brent crude futures, the global oil benchmark, rose 0.50 per cent to $85.81 per barrel.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 432.15 crore, according to exchange data.