The benchmark indices opened on a positive note as indicated by SGX Nifty. The Sensex was up 202.26 points or 0.39 percent at 52,143.90. The Nifty was hovering around 15,700 mark. It opened 56.70 points up or 0.36 percent at 15,692.10, tracking gains in index-heavyweights Reliance Industries, Infosys and HDFC Bank amid a positive trend in global equities. On the day of weekly options expiry, BSE Sensex and Nifty 50 were staring at a gap-up opening, as indicated by trends on SGX Nifty in early trade.
At 09:17 AM, the Sensex was up 160.87 points or 0.31 percent at 52102.51, and the Nifty was up 50.80 points or 0.32 percent at 15686.20.
PowerGrid was the top gainer in the Sensex pack, rising around 2 percent, followed by ITC, Tech Mahindra, IndusInd Bank, NTPC, Sun Pharma and Dr Reddy’s. On the other hand, Bajaj Auto, Asian Paints, Maruti and Nestle India were among the laggards.
In the previous session, Sensex ended 333.93 points or 0.64 percent lower at 51,941.64, and Nifty slumped 104.75 points or 0.67 percent to 15,635.35.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 846.37 crore on Wednesday, as per provisional exchange data.
Domestic equities look to be good as of now. Previous session's selling pressure was due to profit booking ahead of crucial US CPI data and European Central Bank (ECB) policy meeting outcome, said Binod Modi Head-Strategy at Reliance Securities, PTI report said.
"While sharp drop in daily caseload and phased withdrawal of business curbs by the states have significantly improved prospects of economic recovery, the government's decision to increase MSPs for several Kharif crops is a sensible move to enhance rural income," he noted.
Another important thing to watch today is the ECB monetary policy decision, UK and Germany markets fell (-)0.20 percent and (-)0.38 percent while French equity markets gained 0.20 percent yesterday. All the major Asian markets were trading in green early Thursday.
Stock specific actions due to Q4 results can be witnessed in stocks like SAIL, Mazagon Dock, NHPC, Eclerx, Tide Water Oil India etc. Immediate resistance levels for Nifty 50 are 15,850 and 16,000 while key support levels for Nifty 50 are 15,500 and 15,300. We are bullish on the markets overall, said Mohit Nigam, Head, PMS - Hem Securities.
In Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading on a positive note in mid-session deals.
US equities finished lower as profit-booking ahead of crucial May inflation data.
International oil benchmark Brent crude was trading 0.72 percent lower at $71.70 per barrel.
Fuel prices unchanged
The prices of petrol and diesel prices remained unchanged across the metros on Thursday.
According to data from the country's largest fuel retailer Indian Oil, in Delhi, the rate of petrol is Rs 95.56 and diesel prices at Rs 86.47 per litre each. In Mumbai, petrol stood at Rs 101.76 per litre and diesel at 93.85 per litre.
In Chennai, petrol is being retailed at Rs 96.94 and diesel at Rs 91.15 per litre respectively. In Kolkata, the price of petrol is Rs 95.52 and diesel Rs 89.32 per litre each.