Equity benchmark Sensex rallied nearly 400 points higher today after taking cues from overnight US market. However, other Asian markets such as Nikkei and Hang Seng were trading lower in initial trade.
According to traders, domestic indices rallied on expectation of some stimulus from the RBI and also on positive sentiment led by hopes of a COVID-19 vaccine, though the economic recovery is still far away and cautioned on the current rally.
The BSE benchmark index Sensex opened higher at 37,892.36, touched an early high of 38,081.30.
At 9.50 am, the Sensex was quoted higher by 361.35 points, or 0.96%, at 38,049.26,
Similarly, on the NSE, the Nifty 50 too was trading higher by 103.65 points, or 0.93 per cent, at 11,198.90.
Prominent gainers that drove the markets higher were Axis Bank, Bajaj Finance, Indus Ind Bank, UltraCemCo, Bajaj Finserv, ICICI Bank, SBI, Tata Steel, which rose up to 3.50%.
However, a few notable losers were Hindustan UniLever, Nestle and PowerGrid stocks which fell up to 1.50 per cent on moderate sell-off.