Stock Market: Sensex Zooms Over 1,000 Points, Nifty Trades Above 16,100 Tracking Positive Cues

Stock update: On the BSE, all the 30 constituents were trading in the green. Dr Reddy’s was the top gainer, up 4 per cent, followed by Tata Steel, IndusInd Bank, SBI, Sun Pharma, RIL, L&T, and others

In the broader markets, midcap and smallcap shares were trading on a strong note as Nifty midcap 100 surged 2.09 per cent, while smallcap jumped 1.93 per cent. Image: Getty

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New Delhi: The key equity benchmarks, Sensex and Nifty, on Friday opened sharply higher after a rebound in Asian stock markets and US equity futures. In the Indian stock market, pharma, metals, and banking stocks were rallying.

At 9.30 am, the 30-share BSE Sensex jumped over 1,000 points to 53,792, while the broader NSE Nifty was trading at 16,120, up 310 points.

On the BSE, all the 30 constituents were trading in the green. Dr Reddy’s was the top gainer, up 4 per cent, followed by Tata Steel, IndusInd Bank, SBI, Sun Pharma, RIL, L&T, and others.  

In the broader markets, midcap and smallcap shares were trading on a strong note as Nifty midcap 100 surged 2.09 per cent, while smallcap jumped 1.93 per cent.

On NSE, all of the 15 sector gauges were trading in the positive zone. Nifty Metal, Nifty Auto, and Nifty PSU Bank were outperforming the index by rising as much as 3.39 per cent, 2.54 per cent and 2.25 per cent, respectively.

All sectors were firmly higher with Metals, Auto, Energy, Pharma, Media, and Realty indices on Nifty gaining 2-3 per cent.

On the BSE, the overall market breadth stood positive as 2,223 shares were advancing, while 334 were declining.

In the previous trading on Thursday, Sensex had crashed 1,416 points (2.61 per cent) to close at 52,792, while Nifty had moved 431 points (2.65 per cent) down to settle at 15,809.

"Indices are set to trade with firm gains amid positive signals from its Asian peers," said Mohit Nigam, head - PMS, Hem Securities, told the PTI.

In Asia, markets in Hong Kong, Shanghai, and Tokyo were trading in the green, while the stock markets in the US had ended lower on Thursday.

Meanwhile, global oil benchmark Brent crude declined 0.89 per cent to $111.04 per barrel.

Foreign institutional investors offloaded shares worth Rs 4,899.92 crore on Thursday, as per stock exchange data.