04 August,2021 09:54 AM IST | Mumbai | PTI
This picture has been used for representational purpose
Equity benchmark Sensex rallied over 400 points in early trade on Wednesday and soared past the 54,000 mark, led by gains in index majors Infosys, HDFC and ICICI Bank amid a positive trend in global markets. After scaling its lifetime peak of 54,256.13 in opening trade, the 30-share index was trading 415.33 points or 0.77 per cent higher at 54,238.69 in initial deals.
In tandem, the broader NSE Nifty surged 116.10 points or 0.72 per cent to an all-time peak of 16,246.85 in early trade. Tata Steel was the top gainer in the Sensex pack, rising around 2 per cent, followed by HDFC, ICICI Bank, Dr Reddy's, Infosys, Reliance Industries and HDFC Bank. On the other hand, Bharti Airtel, Nestle India, SBI, HUL and UltraTech Cement were among the laggards.
Also read: Sensex jumps nearly 245 pts in early trade; Nifty tops 15,900
In the previous session, Sensex ended 872.73 points or 1.65 per cent higher at its fresh closing record of 53,823.36, and Nifty rallied 245.60 points or 1.55 per cent to an all-time peak of 16,130.75. Foreign institutional investors (FIIs) turned net buyers in the capital market as they purchased shares worth Rs 2,116.60 crore on Tuesday, as per provisional exchange data.
ALSO READ
Stock market update: Markets fall in early trade after two days of rally
Sensex rallies 901 pts, Nifty settles near 24,500 as Trump win stokes up IT, pharma shares
Sensex, Nifty surge over 1 pc on heavy buying in IT stocks as Trump set to win US polls
Sensex surges 901 points, Nifty crosses 24,484 as IT stocks lead rally
Sensex, Nifty rise in early trade on IT stock gains as global sentiment improves
Domestic equities continue to look good as of now, said Binod Modi Head-Strategy at Reliance Securities. "Key economic indicators like GST collection, auto sales volume and other high-frequency indicators like e-way bills indicate a strong rebound in July, which bodes well and indicates sustained healthy corporate earnings in subsequent quarters," he noted. Further, Modi added that India stands to be benefitted from China's regulatory crackdown on technology and education companies in recent weeks in the form of FIIs investments.
Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were trading with gains in mid-session deals, while Tokyo was in the red. Equities on Wall Street too ended on a positive note in overnight trade. Meanwhile, international oil benchmark Brent crude advanced 0.11 per cent to USD 72.49 per barrel.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever