Markets

Sensex rallies over 300 points in early trade; Nifty tops 10,500

Market benchmark Sensex surged over 300 points in early trade on Thursday tracking advances in global equities as positive macroeconomic data flow and hopes of a COVID-19 vaccine boosted investor sentiment.

After touching a high of 35,724.32, the 30-share index was trading 249.01 points, or 0.70%, higher at 35,663.46, while the NSE Nifty rose 76.50 points, or 0.73%, to 10,506.55.

ONGC was the top gainer in the Sensex pack, surging around 4%, followed by M&M, IndusInd Bank, HDFC Bank, SBI and Titan. On the other hand, Tech Mahindra and HUL were the laggards.

In the previous session, the BSE barometer settled 498.65 points, or 1.43%, higher at 35,414.45, and the broader Nifty surged 127.95 points, or 1.24%, to close at 10,430.05.

Foreign institutional investors were net sellers on Wednesday, offloading equities worth ₹1,696.45 crore, provisional exchange data showed.

According to traders, domestic indices followed gains in global benchmarks amid positive factory output data across economies. Further, hopes for a vaccine strengthened after Germany’s BioNTech and U.S. pharmaceutical giant Pfizer reported positive preliminary results from a joint project.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains. Stock exchanges on Wall Street too ended on a positive note in overnight session.

International oil benchmark Brent crude futures rose 0.12% to $42.08 per barrel.

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Printable version | Aug 9, 2020 9:24:23 PM | https://www.thehindu.com/business/markets/sensex-rallies-over-300-points-in-early-trade-nifty-tops-10500/article31968675.ece

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