The two key equity benchmarks, Sensex and Nifty, on Thursday zoomed in early trade, taking strength mostly from the financial shares. At 10 am, the BSE Sensex soared 588 points to 73,574. On the other hand, the NSE Nifty50 was trading at 22,307, up 183 points.
On the 30-share Sensex platform, Bajaj Finserv, Bajaj Finance, UltraCemco, ICICI Bank, Wipro, Nestle emerged gainers. On the down side, HCLTech, TechM, Axis Bank, Airtel, Maruti were among the losers.
In the broader market, the BSE Midcap index gained 0.2 per cent, while the Smallcap advanced 0.7 per cent.
Sectorally, all the indices are trading in the positive zone, with bank, FMCG, IT, healthcare, auto, metals rose 0.5-1 per cent.
In the previous session on Wednesday, the Sensex closed 526 points up at 72,996, while the NSE Nifty50 settled at 22,124, rising 119 points. Stock markets will remain close tomorrow on account of Good Friday holiday.
"In the final trading session of the week, month, and fiscal year 2023-24, heightened volatility is expected, driven by the March F&O expiry. Investors are poised for bargain hunting as optimism pervades Dalal Street, with positive catalysts including significant FII buying and a global stock market rally," said Prashanth Tapse, senior VP (Research), Mehta Equities Ltd.
Positive movements were observed in Shanghai and Hong Kong markets in Asia, while Tokyo and Seoul experienced declines. On Wall Street, trading closed with gains on Wednesday, breaking a three-day losing streak. Investors awaited the release of the Personal Consumption Expenditure Price Index (PCE) data on Friday, with benchmark indices in the US registering notable increases overnight. The Dow Jones surged over 1 per cent, while the S&P 500 and Nasdaq rose by 0.9 per cent and 0.5 per cent, respectively.
According to exchange data, Foreign Institutional Investors (FIIs) purchased equities worth Rs 2,170.32 crore on Wednesday.
Brent crude, the global oil benchmark, rose by 0.24 per cent to reach $86.30 per barrel.
Meanwhile, the Indian rupee remained stable at 83.33 against the US dollar in early trading on Thursday, influenced by a strong American currency and elevated crude oil prices. Forex traders noted that the resilience of the Indian currency was supported by positive equity markets and the influx of foreign funds.
At the interbank foreign exchange, the rupee opened at 83.32 and maintained its previous closing level of 83.33 against the US dollar in initial trading. On Wednesday, the rupee had weakened by 4 paise to close at 83.33 against the US dollar.
Simultaneously, the dollar index, which measures the performance of the greenback against a basket of six major currencies, saw a marginal 0.01 per cent increase, trading at 104.07.