Stock Markets Rally: Sensex Climbs Over 300 Points, Nifty Trading Above 21,500

The Nifty Smallcap 50 and the Nifty Midcap 100 led the indices and were trading up by 0.89 per cent and 0.84 per cent respectively

The two key equity benchmarks, Sensex and Nifty, on Thursday, began trading with a strong rally in an attempt to recover from the earlier market sessions in the week. The S&P BSE Sensex climbed 351.88 points to touch 71,708.48 in early trade, while the NSE Nifty50 gained 99 points to hit 21,616.35.

At 9:53 AM, the Sensex was trading at 71,658.06, after jumping over 300 points, while the Nifty50 stood at 21,592.50, after rising over 70 points. 

On the 30-share Sensex platform, Bajaj Finance, NTPC, Bajaj Finserv, Tata Motors, and PowerGrid emerged as the prime gainers. On the downside, HCL Tech, TCS, Tata Steel, Maruti Suzuki, and Wipro were among those trading in the red. 

In the broader markets, the indices were trading entirely in green. The Nifty Smallcap 50 and the Nifty Midcap 100 led the indices and were trading up by 0.89 per cent and 0.84 per cent respectively. 

Among specific stocks on the NSE, Bajaj Finance advanced nearly 4 per cent in the morning, followed by NTPC, trading up by 3.79 per cent. 

Sectorally, the Nifty Media and IT indices led the losses and were trading lower by 0.42 per cent and 0.33 per cent respectively. The Nifty Realty hit a fresh 52-week high and gained over 4 per cent in the morning trade. Among others, the Nifty Financial Services 25/50 and the Financial Services indices led the gainers and stood higher by 0.97 per cent and 0.72 per cent respectively.

In the previous trading session on Wednesday, the two key equity benchmarks, Sensex and Nifty, closed trading in red. The S&P BSE Sensex dipped below 71,500 and dropped more than 500 points to close at 71,356.60, while the NSE Nifty50 nearly 150 points to settle just above the 21,500 mark at 21,516.75. 

The domestic rupee depreciated 1 paise to touch 83.31 against the US dollar in early trade on Thursday, as the support from positive domestic equities was negated by rising crude oil prices. At the interbank foreign exchange, the Indian rupee opened at 83.30 and hit a low of 83.32. A day earlier, the domestic unit closed at 83.30 against the greenback.

 Global oil benchmark Brent crude climbed 0.27 per cent to $78.46 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 666.34 crore on Wednesday, exchange data revealed.