Sensex surges over 300 points in early trade

Mumbai: Equity benchmark Sensex jumped over 300 points in opening trade on Wednesday tracking gains in index majors Infosys, HDFC and Reliance Industries amid positive cues from global markets and fresh foreign fund inflow.

The 30-share BSE index was trading 329.15 points or 0.65 per cent higher at 51,354.63, and the broader NSE Nifty was quoting 95.75 points or 0.63 per cent up at 15,194.15.

IndusInd Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bajaj Finance, M&M, HDFC, Infosys, HCL Tech, Titan, Bajaj Finserv and Reliance Industries.

On the other hand, ONGC, Bharti Airtel, ITC and Nestle India were the laggards.

In the previous session, Sensex ended 584.41 points or 1.16 per cent higher at 51,025.48, and Nifty surged 142.20 points or 0.95 per cent to 15,098.40.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 2,801.87 crore on Tuesday and domestic institutional investors (DIIs) bought a net of Rs 1,250.22 crore, as per exchange data.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, in this see-saw game in the market, bulls and bears are giving up and regaining their dominance in tune with macro trends.

“A rise in bond yields temporarily strengthens the bears and when yields fall, bulls come back strongly. Now it appears that the US 10-year bond yield is likely to consolidate in the 1.5-1.6 per cent range for the short-term.

FIIs are back to buying mode, he said, adding that this along with DII buying is likely to impart strength to the market.

Brent cooling off a bit also is good macro news, he noted. The global oil benchmark was trading 0.80 per cent lower at USD 66.98 per barrel.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading on a positive note in mid-session deals.