The markets opened higher in keeping with global cues. At 09:16 AM, the Sensex was up 380.66 points or 0.73 percent at 52579.17, and the Nifty was up 112.10 points or 0.72 percent at 15744.20. About 1.741 shares have advanced, 258 shares declined, and 79 shares are unchanged.
Bajaj Finance was the top gainer in the Sensex pack, rising over 3 percent, followed by Tata Steel, HDFC Bank, HUL, ICICI Bank and Infosys.
On the other hand, Asian Paints, PowerGrid, Bajaj Auto and Dr Reddy’s were among the laggards.
In the previous session on Tuesday, Sensex ended 354.89 points or 0.68 per cent lower at 52,198.51, while the broader NSE Nifty fell 120.30 points or 0.76 per cent to 15,632.10.
Stock markets were closed on Wednesday on account of ‘Bakri Id’.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 2,834.96 crore on Tuesday, as per provisional exchange data.
According to Binod Modi Head-Strategy at Reliance Securities, domestic equities are likely to see some amount of recovery during the day.
"Selling pressure especially in financials due to concerns over asset quality dragged the market in the last couple of days. Further, mounting concerns over global growth due to recent rise in delta variant coronavirus cases in different parts of the world have weighed on sentiments.
"However, we continue to believe that the underlying strength of the domestic market remains intact and therefore any meaningful correction in the market should be taken as an opportunity to get in quality stocks," he stated, PTI said.
Asian markets up
Shares in Asia-Pacific were higher in Thursday morning trade with markets in Japan closed for a holiday. Hong Kong's Hang Seng index was amongst the biggest gainers regionally, rising 1.19 percent in early trade. The Taiex in Taiwan also gained 1.01 percent.
Wall Street stock posted their second straight daily gain on Wednesday with robust corporate earnings and renewed optimism about the US economic recovery fueling a risk-on rally.
The Dow Jones Industrial Average rose 286.01 points or 0.83 percent to 34,798, the S&P 500 gained 35.63 points or 0.82 percent to 4,358.69 and the Nasdaq Composite added 133.08 points or 0.92 percent to 14,631.95.
Hindustan Unilever, UltraTech Cement, Bajaj Auto, Agro Tech Foods, Bajaj Holdings & Investment, Biocon, Can Fin HOmes, Chennai Petroleum Corporation, CSB Bank, Heidelbergcement India, Hindustan Zinc, ICICI Lombard General Insurance Company, Indian Energy Exchange, IIFL Securities, IndiaMart InterMESH, India Pesticides, Lloyds Steels Industries, Bank of Maharashtra, Mahindra EPC Irrigation, Mphasis, Persistent Systems, Music Broadcast, Shiva Cement, South Indian Bank, Sterlite Technologies, and Wockhardt.
Stocks under F&O ban on NSE
Six stocks--Cadila Healthcare, Canara Bank, Indiabulls Housing Finance, NALCO, NMDC, and Sun TV Network--are under the F&O ban for July 22. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
Fuel prices remain unchanged
Petrol and diesel prices remained unchanged across the country for the fifth consecutive day on Thursday. In the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre.
In Mumbai, where petrol prices crossed Rs 100-mark for the first time ever on May 29, the fuel price is at Rs 107.83 per litre. Diesel price in the city is also at Rs 97.45, the highest among metros.
In Chennai, petrol is priced at Rs 102.49 per litre while the price of diesel is Rs 94.39 per litre. The price of petrol in Kolkata is Rs 102.08 per litre while diesel is sold at Rs 93.02 per litre.
International oil benchmark Brent crude declined 0.40 per cent to $71.94 per barrel