Sensex Jumps Over 250 Pts in Early Trade; Nifty Tops 12,850

Equity benchmark Sensex surged over 250 points in early trade on Friday, tracking gains in index-heavyweights HDFC twins, Kotak Bank and Bajaj Finance amid largely positive cues from global markets and sustained foreign fund inflow. The 30-share BSE index was trading 282.07 points or 0.65 per cent higher at 43,882.03 in the opening session

Similarly, the broader NSE Nifty rose 78.45 points or 0.61 per cent to 12,850.15. Bajaj Finserv was the top gainer in the Sensex pack, advancing over 2 per cent, followed by Tata Steel, Titan, Bajaj Finance, HDFC twins and Kotak Bank.

On the other hand, ICICI Bank, ONGC, Axis Bank, SBI and IndusInd Bank were among the laggards. In the previous session, BSE Sensex ended 580.09 points or 1.31 per cent lower at 43,599.96, while Nifty closed 166.55 points or 1.29 per cent down at 12,771.70.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 1,180.61 crore on Thursday, according to provisional exchange data. Despite a sharp correction yesterday, the market continues to look good in the backdrop of improved earnings visibility and improving key economic indicators, said Arjun Yash Mahajan, Head Institutional Business at Reliance Securities.

US equities ended with modest gains as increasing optimism about fiscal stimulus overshadowed concerns of rising new COVID-19 cases and increasing restrictions, he stated. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were trading in with gains in mid-session deals, while Tokyo was in the red.

Meanwhile, Brent crude futures, the global oil benchmark, were trading 0.14 per cent higher at USD 44.24 per barrel.