Sensex rallies over 700 points, Nifty above 17,300

Sensex rallies over 700 points, Nifty above 17,300 in opening session

HCL Tech was the top gainer in the Sensex pack, rising over 2%, followed by Infosys, Bharti Airtel, Tech Mahindra, L&T, Reliance Industries and ICICI Bank

The Bombay Stock Exchange building. Credit: AFP File Photo

Equity benchmark Sensex rallied over 700 points in early trade on Wednesday, tracking gains in index majors Infosys, Reliance Industries and ICICI Bank ahead of the Reserve Bank of India’s monetary policy outcome.

According to experts, markets bulls are enthused by a positive sentiment in global markets after top US public health expert Dr Antony Fauci observed that the Omicron variant is unlikely to be more severe than the Delta variant, removing market concern regarding the economic impact of the new variant.

The 30-share index was trading 729.05 points or 1.26 per cent higher at 58,362.70 in initial deals. Similarly, the Nifty rose 202.15 points or 1.18 per cent to 17,378.85.

HCL Tech was the top gainer in the Sensex pack, rising over 2 per cent, followed by Infosys, Bharti Airtel, Tech Mahindra, L&T, Reliance Industries and ICICI Bank.

On the other hand, NTPC was the sole laggard.

In the previous session, the 30-share equity benchmark ended 886.51 points or 1.56 per cent higher at 57,633.65, and Nifty rallied 264.45 points or 1.56 per cent to 17,176.70.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,584.97 crore on Tuesday, as per exchange data.

Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo were trading with significant gains in mid-session deals, while Hong Kong was in the red.

Stock exchanges in the US too rallied in the overnight session.

Meanwhile, international oil benchmark Brent crude fell 0.42 per cent to $75.12 per barrel.

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