Share Market Update: Sensex surges over 350 points as market recover early losses, Nifty breaches 11,700 mark

Domestic benchmark indices BSE Sensex and NSE Nifty were trading higher in Thursday’s morning session despite a fallout seen in tech stocks, despite strong global cues.

The Sensex had fallen 178.96 points to an intraday low of 38,933.78 in early deals. (Image: PTI)

Share Market Update: Domestic benchmark indices BSE Sensex and NSE Nifty were trading higher in Thursday’s morning session despite a fallout seen in tech stocks, despite strong global cues. The S&P BSE Sensex index rose as much as 80.98 points to 39,193.72 in the first hour of trade, and the NSE Nifty benchmark moved to 11,706.90, up 15.45 points from the previous close. The Sensex had fallen 178.96 points to an intraday low of 38,933.78 in early deals, dragged lower by selling in IT stocks. All the Nifty sectoral indices, however, were trading in the red, with Nifty IT, down 1.07 per cent, among the biggest losers. In the broader market, the S&P BSE MidCap index dipped 65 points, or 0.45 per cent, at 14,378, while the S&P BSE SmallCap index was trading at 13,810, down 110 points, or 0.8 per cent. In the previous session on Wednesday, the BSE gauge settled 66.40 points, or 0.17 per cent, higher at 39,112.74, while the Nifty closed almost flat at 11,691.45. According to experts, investors were cautious despite strong cues from global markets, amid concerns over weakening economic data, lack of liquidity and deficit in monsoon. Meanwhile, the Indian currency opened stronger at 69.48 against the US dollar compared to Wednesday's close of 69.68. Shares of YES Bank tanked to a double-digit value of Rs 98.75 per share, down 4.6 per cent intra-day, for the first time in almost 5 years as investors’ sentiment eroded due to the bank’s exposure to debt-laden companies. Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly higher in their respective early sessions after the US Fed policy outcome. Bourses on Wall Street too ended in the green last night. The global oil benchmark Brent crude futures were trading 1.29 per cent higher at 62.62 per barrel. Meanwhile, on a net basis, foreign institutional investors sold equity worth Rs 97.05 crore, and domestic institutional investors offloaded shares to the tune of Rs 104.91 crore, provisional data available with stock exchanges showed on Wednesday.