Stock Market: Sensex Reclaims 59,000, Rallies 580 Points; Nifty Tops 17,650 Tracking Strong Global Cues

Stock update: Tech Mahindra was the top gainer in the pack, rising more than 3 per cent, followed by Wipro, Infosys, ICICI Bank, IndusInd Bank, TCS, Bajaj Finserv, and Bajaj Finance on the BSE

Sensex and Nifty, the two key equity benchmarks, on Thursday started trading in the green, coupled with robust global sentiment and better-than-estimated US inflation data at 8.5 per cent in July. The domestic indices rallied on account of intense buying in IT, financial and banking stocks amid a firm trend in global markets.

At 10.15 am, the BSE Sensex was trading 581 points (0.99 per cent) higher at 59,398 in early trade, while the broader NSE Nifty advanced 159 points (0.91 per cent) to 17,694.

On the 30-share Sensex platform, Tech Mahindra was the top gainer in the pack, rising more than 3 per cent, followed by Wipro, Infosys, ICICI Bank, IndusInd Bank, TCS, Bajaj Finserv, and Bajaj Finance. On the flip side, only three constituents were trading in the red zone -- Airtel, ITC, and NTPC.

On the BSE, out of 30 constituents, 27 were advancing, while three were declining.

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.9 per cent.

Sectorwise, all the indices were trading in the positive territory, with Nifty Bank, Nifty IT, and Nifty Realty led the charge.

In the previous session on Wednesday, the 30-share BSE index ended 35.78 points (0.06 per cent) lower at 58,817 in a volatile session, the broader NSE Nifty inched up 9.65 points (0.06 per cent) to close at 17,534.

Foreign institutional investors (FIIs) were net buyers in the Indian capital market as they purchased shares worth Rs 1,061.88 crore on Wednesday, as per exchange data.

International oil benchmark Brent crude was trading 0.23 per cent lower at $97.18 per barrel.

According to traders, the surge in the domestic equity markets was supported by a firm trend in global equities especially the US gauges and subsequent rally in Asian indices.

Equities on Wall Street rose sharply on Wednesday after US data showed that inflation eased more than expected in July, indicating that the Fed might be less aggressive in hiking interest rates. The US consumer price index showed a growth of 8.5 per cent in July, compared to the year-ago period.

In Asian markets, Shanghai, Hong Kong, and Seoul were trading on a positive note in mid-session deals, while Tokyo was in the red.