Share market today: The two key equity benchmarks, Sensex and Nifty, on Thursday opened higher as investors eye Modi 3.0. At 10.20 am, the BSE Sensex surged 752 points to 75,135. On the other hand, the NSE Nifty50 was trading at 22,850, up 230 points.
Stock update
On the 30-share Sensex platform, NTPC rose 5 per cent, followed by SBI, L&T, Tata Steel, HCL, TechM emerged gainers. On the down side, HUL, Nestle, Asian Paints, Sun Pharma, Axis Bank, IndusInd Bank were among the losers.
In the broader markets, Nifty Smallcap advanced nearly 2.5 per cent, while Midcap jumped over 1.50 per cent.
Sectoral update
Sectorwise, Nifty Realty led with 2.98 per cent gains, followed by PSU Bank rising 2.62 per cent and Media gained 2.02 per cent.
In the previous session on Wednesday, the BSE Sensex soared 2,303 points to close at 74,382, while the NSE Nifty50 closed at 22,620, rising 736 points.
"As the market comes back to normalcy after the abnormal volatility of the last three days, the global construct has turned favourable with rising possibility of rate cuts by the Fed. Clear signs of weakening labour market in the US has led to a sharp decline in the US bond yield to 4.29 per cent," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global market update
In Asian markets, Tokyo, and Hong Kong traded with gains, while Shanghai quoted lower. US markets ended in positive territory on Wednesday.
Global oil benchmark Brent crude climbed 0.38 per cent to $78.71 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,656.26 crore on Wednesday, according to exchange data.
Rupee rises 1 paisa
Meanwhile, the rupee inched up 1 paisa to 83.43 against the US dollar in early trade on Thursday on the back of a weak American currency and positive domestic equity markets.
Forex traders said an upward movement in the crude oil prices resisted a sharp rise in the Indian currency even as investors moved cautiously ahead of the RBI's monetary policy decision to be announced on Friday.
At the interbank foreign exchange market, the local unit opened at 83.40 and slipped to 83.43 against the greenback, trading 1 paisa higher from its previous close. On Wednesday, the domestic currency settled 7 paise higher at 83.44 against the dollar.