Sensex Sprints 1,595 Points, Nifty Tops 16,750 Tracking Rally In Global Equities

Equity benchmark indices continued their winning momentum on Thursday and jumped nearly 3 per cent in the opening trade, tracking an overall bullish trend in global markets.

The 30-share BSE benchmark index opened in the green and further zoomed 1,595.14 points or 2.91 per cent to 56,242.47, continuing its rally for the third day.

Similarly, the NSE Nifty jumped 411.95 points or 2.52 per cent to 16,757.30.

From the 30-share Sensex pack, Axis Bank, State Bank of India, ICICI Bank, Indusind Bank, Maruti Suzuki India and Hindustan Unilever Limited were the biggest gainers in early trade, jumping up to 4.85 per cent.

In contrast, Tata Steel was the lone laggard.

Bourses in Hong Kong, Tokyo and Shanghai were quoting in the green in mid-session deals.

Stock exchanges in the US settled with significant gains on Wednesday.

In the previous trade, the BSE benchmark settled at 54,647.33, higher by 1,223.24 points or 2.29 per cent, notching up the biggest single-day gain since February 25.

The Nifty also climbed 331.90 points or 2.07 per cent to end at 16,345.35.

Meanwhile, international oil benchmark Brent crude jumped 1.66 per cent to USD 113 a barrel.

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 4,818.71 crore on a net basis on Wednesday, according to exchange data.

“The outcome of the Uttar Pradesh election will be widely watched by markets because it will set the tone for how the ruling Bharatiya Janata Party approaches and prepares for the general elections in 2024,” according to Mohit Nigam, Head – PMS, Hem Securities.

Counting of votes were underway on Thursday in the five states where assembly polls were held recently.