The stock markets opened on a positive note on Thursday. Equity benchmark Sensex surged over 350 points in early trade on Thursday, tracking gains in index-heavyweights Reliance Industries, HDFC and Infosys amid a largely positive trend in global markets.
At 09:17 AM, the Sensex was up 268.36 points or 0.52 percent at 52117.84, and the Nifty was up 82.20 points or 0.53 percent at 15658.40.
Reliance Industries gained 1 percent after Mukesh Ambani, Chairman and Managing Director announced strong future plans.
The 30-share BSE index was trading 361.24 points or 0.70 per cent higher at 52,210.72 in initial deals, and the broader NSE Nifty jumped 100.25 points or 0.64 per cent to 15,676.45.
Titan was the top gainer in the Sensex pack, rising over 4 per cent, followed by Reliance Industries, PowerGrid, Kotak Bank, HDFC, ONGC and Infosys.
On the other hand, NTPC, Bajaj Auto, IndusInd Bank, Nestle India, Dr Reddy’s, SBI and Sun Pharma were among the laggards.
In the previous session, Sensex ended 85.40 points or 0.16 percent lower at 51,849.48, while Nifty inched up 1.35 points or 0.01 percent to 15,576.20.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth 921.10 crore on Wednesday, as per provisional exchange data.
“Domestic equities look to be good as of now. Increased optimism about economic recovery with continuous fall in daily caseload in second COVID wave and improvement in recovery rates has already led domestic equities to new highs,” said Binod Modi, Head Strategy at Reliance Securities.
Further, the beginning of gradual withdrawal of restrictions by states, which hints at improvement in economic indicators from the current month, also lifted market mood, he added.
Asian shares up
The bourses in Shanghai, Tokyo and Seoul were trading in the positive territory in mid-session deals, while Hong Kong was in the red. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent to 711 points. Wall Street's main indexes ended on a mixed note on Wednesday.
Topix index advanced 0.38 percent and South Korea’s Kospi edged up 0.33 percent. In overnight trade on Wall Street, US stock indices ended marginally higher. The Dow Jones Industrial Average rose 0.07 percent, the S&P 500 gained 0.14 per cent, and the Nasdaq Composite added 0.14 percent.
International oil benchmark Brent crude was trading 0.62 percent higher at $ 71.79 per barrel.
Fuel prices unchanged
After increasing fuel prices for two consecutive days, prices remained unchanged. Petrol had crossed the Rs 100 mark in Mumbai and is today retailed at Rs 100.72 per litre in the financial capital. Diesel is available at Rs 92.69 per litre.
Petrol and diesel prices have increased by over Rs 3 per litre after oil companies began hiking fuel prices since the first week of May. Both auto fuels are retailing at an all-time high at the moment.
In the national capital, petrol was retailed at Rs 94.49 and diesel were at Rs 85.38 per litre, according to Indian Oil Corporation. In Chennai, petrol is priced at Rs 95.99 and diesel at Rs 90.12 per litre, while in Kolkata petrol is priced at Rs 94.50 and diesel at Rs 88.23 per litre.