Equity benchmark Sensex jumped over 100 points in early trade on June 23, tracking gains in index-heavyweights Infosys, HUL and Maruti, amid a positive trend in global equities.
The 30-share BSE index was trading 145.45 points or 0.28% higher at 52,734.16 in initial deals. Similarly, the broader NSE Nifty advanced 49.70 points or 0.32% to 15,822.45.
IndusInd Bank was the top gainer in the Sensex pack, rising over 1%, followed by Maruti, Titan, Tata Steel, HUL and Infosys.
On the other hand, Kotak Bank, Asian Paints, UltraTech Cement and HCL Tech were among the laggards.
In the previous session, Sensex settled 14.25 points or 0.03% higher at 52,588.71, and Nifty rose 26.25 points or 0.17% to close at 15,772.75 Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹1,027.94 crore on June 22, as per provisional exchange data.
According to Binod Modi, head-strategy at Reliance Securities, domestic equities continue to look good as of now. Indian markets witnessed brisk recovery this week so far, led by improved prospects of economic rebound and sustained recovery in corporate earnings.
U.S. markets extended gains as the Federal Reserve Chairman Jerome Powell’s testimony offered comfort to investors, said Mr. Modi.
“Powell reiterated his view that recent jump in inflation would prove transitory and stated that Fed will do everything to support the economy as long as it takes to complete the recovery process. He further stated that the Central Bank would be patient before scaling back its soft monetary policy.”
“This certainly has given some confidence that a reversal in policy rates or a bond buying programme is not going to happen soon. Further statements of Fed staffers will be watched out in coming days, which have been mixed so far,” he noted.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with gains in mid-session deals.
Meanwhile, international oil benchmark Brent crude was trading 0.60% higher at $75.26 per barrel.