The benchmark BSE Sensex rallied by 268 points in early trade on Friday on strong buying in realty, capital goods, power, metal, auto and tech sectors amidst positive trends at other Asian bourses.
Asian shares edged up to one-year highs in their early trade as investors lapped up signs of improving momentum in the global markets.
After the BJP-led NDA’s landslide victory in the recently concluded Lok Sabha elections, investors are now expecting measures from the incoming government to revive the Indian economy.
The 30-share index Sensex resumed higher at 24,534.15 and firmed up further to 24,692.09 before quoting at 24,641.96 points at 10:00 a.m..
It showed a smart gain of 267.56 points, or 1.10 per cent, from its last close.
The NSE 50-share barometer Nifty also firmed up by 74.45 points, or 1.02 per cent, to 7,350.85.
Major gainers were BHEL (5.23 p.c.), NTPC (3.55 p.c.), SSLT (3.21 p.c.), Bharti Airtel (2.56 p.c.), M&M (2.40 p.c.), Tata Power (2.21 p.c.), Larsen (2.19 p.c.), Hero Motocorp (2.06 p.c.) and Tata Motors (1.89 p.c.).
Key benchmark indices in Asian countries, like South Korea, Taiwan, Singapore, Japan and Indonesia rose by 0.01 to 1.24 per cent; while indices in China and Hong Kong fell 0.03 to 0.08 per cent.
US stocks built on advances from the previous session and closed modestly higher yesterday with high-growth and small-cap companies leading gains.
Investors appeared to shrug off softer economic data, including jobless claims and home sales figure.
Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs. 294.99 crore yesterday, as per provisional data from the stock exchanges.