Sensex rallies 529 points; Nifty tops 13,700

MUMBAI: Equity benchmark Sensex jumped 529 points on Thursday following gains in index majors Reliance Industries, HDFC twins and ICICI Bank amid positive global cues.

The 30-share BSE index ended 529.36 points or 1.14 per cent higher at 46,973.54. The broader NSE Nifty surged 148.15 points or 1.09 per cent to 13,749.25.

Axis Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Sun Pharma, Reliance Industries, ONGC, HDFC, ICICI Bank, Kotak Bank and Bharti Airtel.

On the other hand, Infosys, IndusInd Bank, HCL Tech, Nestle India and Tech Mahindra were among the laggards.

Domestic equities remained upbeat and witnessed sharp rebound supported by financials, said Binod Modi, Head- Strategy at Reliance Securities.

Emerging possibility of Brexit trade deal led Asian markets higher including India, he said, adding that barring IT, all sectors contributed to the market rally.

"As the outline of Brexit trade deal was reached, higher chances of Brexit trade deal led markets to trade higher. Also, fear of new coronavirus strain seems to be easing out now with select European countries opening borders for Britain," he said.

He further noted that FPI inflow continues to remain as a key driving force the domestic equities, which is expected to sustain in the near term in the backdrop of weak dollar, soft monetary policies of global central bankers and fiscal stimulus in the US.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 536.13 crore on Wednesday, according to provisional exchange data.

Elsewhere in Asia, bourses in Seoul, Hong Kong and Tokyo ended on a positive note, while Shanghai was in the red.

Stock exchanges in Europe were trading with gains in early deals. Meanwhile, the global oil benchmark Brent crude futures slipped 0.48 per cent to USD 51.04 per barrel.