Sensex soars 250 points, Nifty tests 9,200 amid positive cues from global markets

• The 30-share index was trading 123.31 points or 0.39% higher at 31,502.86.
• The NSE Nifty advanced 30.40 points, or 0.33%, to 9,217.70.
• ONGC was the top gainer in the Sensex pack, surging up to 3%, followed by Tata Steel, ICICI Bank, Kotak Bank, TCS and L&T.

Equity benchmark Sensex opened over 250 points higher on Thursday tracking gains in banking, energy and IT stocks amid positive cues from global markets. After hitting a high of 31,646.45, the 30-share index was trading 123.31 points or 0.39% higher at 31,502.86.

Similarly, the NSE Nifty advanced 30.40 points, or 0.33%, to 9,217.70 at 10:00 am.

ONGC was the top gainer in the Sensex pack, surging up to 3%, followed by Tata Steel, ICICI Bank, Kotak Bank, TCS and L&T.

On the other hand, Titan, M&M, Maruti, PowerGrid, Tech Mahindra and HDFC Bank were among the laggards.

In the previous session, the BSE barometer ended 742.84 points or 2.42% higher at 31,379.55, while the Nifty surged 205.85 points, or 2.29%, to finish at 9,187.30.

Foreign portfolio investors were net sellers in the capital market on Wednesday, as they offloaded equity shares worth Rs 1,326.09 crore, according to provisional exchange data.

Domestic market opened on a positive note as global stocks rose amid recovery in crude prices, traders said.

Global Cues

The Dow Jones Industrial Average jumped 456.94 points, or 1.99%, to 23,475.82. The S&P 500 rose 62.75 points, or 2.29% to 2,799.31. The Nasdaq Composite Index increased 232.15 points, or 2.81 per cent, to 8,495.38.

All the 11 primary S&P 500 sectors climbed, with technology and energy up 3.87% and 3.58%, respectively, outpacing the rest.

Oil prices attempted to rebound on Wednesday after their massive losses in the recent market chaos.

The West Texas Intermediate for June delivery jumped 19.1% to settle at US $13.78 a barrel on the New York Mercantile Exchange, following a 43.37% drop in the prior session. The international benchmark Brent crude settled 5.38% higher on Wednesday.

Wall Street also paid close attention to new stimulus amid the COVID-19 pandemic.

The US Senate on Tuesday passed a 484-billion-dollar relief package that would increase funding for small businesses, hospitals and coronavirus testing as the COVID-19 fallout continues to ripple through the country. The House is expected to vote later this week.

Bourses in Hong Kong, Tokyo and Seoul were trading with gains in early deals, while those in Shanghai slipped in the red.

However, traders said concerns over COVID-19 pandemic kept investors cautious.

The death toll due to the pandemic rose to 681, while the number of cases in the country climbed to 21,393.

Global tally of the infections has crossed 26 lakh, with over 1.83 lakh deaths.

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