Share Market Today: Sensex Jumps 350 Points; Nifty Near 22,700. Axis Bank, SBI Lead

Share Market Today: The two key equity benchmarks, Sensex and Nifty, on Thursday are trading higher amid global weak cues. At 10.30 am, the BSE Sensex jumped 350 points to 74,571. On the other hand, the NSE Nifty50 was trading at 22,694, up 96 points.

Stock update

On the 30-share Sensex platform, Axis Bank rose 2.23 per cent, followed by SBI, Airtel, L&T, ICICI Bank, Wipro. On the down side, Sun Pharma, PowerGrid, JSW Steel, NTPC, Tata Steel, ITC emerged lower.

In the broader market, BSE Midcap and Smallcap indices slipped 0.5 per cent higher each.

Sectoral update

Sectorally, auto, bank, capital goods, IT, realty, oil & gas up 0.3-1 per cent, while metal, power, pharma down 1 per cent each.

"There are positives and negatives for the market today. The biggest positive is the record Rs 2.11 lakh crore dividend from the RBI to the government, which will give an additional 0.3 per cent of GDP fiscal room for the government," said V K Vijayakumar, chief investment strategist, Geojit Financial Services. This means the government can reduce its fiscal deficit and step up infrastructure spending, he added. "Brent crude dipping below $82 is positive for India's macros," Vijayakumar said.

Global update

In Asian markets, Seoul and Tokyo were trading in the green, while Shanghai and Hong Kong quoted lower. Wall Street ended in negative territory on Wednesday.

Global oil benchmark Brent crude declined 0.40 per cent to $81.57 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 686.04 crore on Wednesday, according to exchange data.

In the previous session on Wednesday, the BSE benchmark rose 268 points to settle at 74,221. The NSE Nifty gained 69 points to end at 22,598.

The forex market will remain shut on Thursday on account of ‘Buddha Purnima'. Meanwhile, the rupee appreciated by 2 paise to settle at 83.29 against the US dollar on Wednesday amid softening crude oil prices.

ALSO READ | India's Service Sector Logs Third-Strongest Output Growth Since 2010, Check Out Flash PMI Estimates For May