The benchmark Sensex was trading 382 points higher in the afternoon session on Thursday led by strong buying support in the heavyweights Reliance Industries and Tata Consultancy Services. Among the sectors, the auto and financial indices are down half a percent each while buying is seen in oil & gas and power names
The 30 stock S&P BSE Sensex was trading 381.92 points or 0.69 per cent higher at 55,763.09 points at 1.48 PM against its previous day's close at 55,381.17 points.
Earlier, the Sensex started the day almost flat at 55,382.44 points and slipped to a low of 55,135.11 points in the early morning trade. The index is trading in the positive after two consecutive days of loss. The Sensex had lost 185.24 points or 0.33 per cent on Wednesday.
The broader Nifty 50 of the National Stock Exchange was trading 97.90 points or 0.59 per cent higher at 16,620.65 points against its previous day's close at 16,522.75 points. The Nifty 50 had lost 61.80 points or 0.37 per cent on Wednesday.
Reliance Industries Limited led the rally in the market. The index heavyweight was trading 3.18 per cent higher at Rs 2716. The country's largest telecom service provider TCS was trading 1.55 per cent higher at Rs 3408.45. Bajaj Finserv rose 2.18 per cent higher at Rs 12873.20.
Thirteen of the 30 scrips that are part of the Sensex were trading in the red. HDFC fell 1.68 per cent to Rs 2289.65. HDFC Bank was down 1.05 per cent to Rs 1381.60. ICICI Bank fell 0.97 per cent to Rs 745.40.
Hindustan Unilever, Power Grid Corporation, Maruti Suzuki, Tech Mahindra and UltraTech Cement were among the major Sensex losers.
European shares rise cautiously after two-day decline
European shares bounced back on Thursday, led by tech and healthcare names, with gains limited by a slide in energy stocks and worries over slowing economic growth.
The pan-European STOXX 600 index rose 0.4 percent by 0719 GMT. Volumes are expected to be subdued as London markets are closed for Queen Elizabeth's Platinum Jubilee bank holidays. Oil stocks slipped as crude prices fell on reports that Saudi Arabia may boost production in response to urging from the United States. An OPEC+ meeting was also eyed for production clues.
China stocks rise on stimulus
China stocks closed higher amid choppy trade on Thursday, as initial euphoria over additional stimulus measures to support an ailing economy countered investors concerns over potential rebound in cases and the zero-COVID policy. The blue-chip CSI300 index rose 0.2 percent, to 4,089.57, while the Shanghai Composite Index gained 0.4 percent to 3,195.46 points.
Asia shares slide
Asian shares declined Thursday, echoing a retreat on Wall Street as investors fretted about higher interest rates and rising coronavirus cases in parts of the region.
Benchmarks fell in Tokyo, Shanghai, Hong Kong, Seoul, and Sydney. Oil prices fell by more than $2 a barrel.
Japan's benchmark Nikkei 225 lost 0.3 percent to 27,367.82. Australia's S&P/ASX 200 edged down 0.9 percent to 7,172.80. South Korea's Kospi slipped 1.1 percent to 2,656.19. Hong Kong's Hang Seng dipped 1.5 percent to 20,982.29, while the Shanghai Composite shed 0.3 percent to 3,172.66.
(With inputs from Reuters, Agencies)
