Sensex jumps over 100 pts in early trade; Nifty tops 17,850

Equity benchmark Sensex jumped over 100 points in early trade on Wednesday, tracking gains in HDFC, SBI and Bajaj Finance amid a positive trend in US equities.

The 30-share Sensex was trading 131.76 points or 0.22 per cent higher at 59,876.64. Similarly, the Nifty rose 46.75 points or 0.26 per cent to 17,869.05.

M&M was the top gainer in the Sensex pack, rising over 1 per cent, followed by SBI, NTPC, Bajaj Finance, HDFC, UltraTech Cement and PowerGrid.

On the other hand, Titan, IndusInd Bank, Dr Reddy’s, Maruti and Reliance were among the laggards.

In the previous session, the 30-share index ended 445.56 points or 0.75 per cent higher at 59,744.88, and Nifty surged 131.05 points or 0.74 per cent to 17,822.30.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,915.08 crore on Tuesday, as per exchange data.

India’s sovereign rating upgrade by Moody’s Investors Services in the backdrop of persistent improvement in key economic indicators and faster ramp-up in vaccination bodes well and may aid India to remain resilient compared to global equities, said Binod Modi Head-Strategy at Reliance Securities.

US equities witnessed sharp recovery in the overnight session as the buy-on-dips approach of investors especially in technology stocks aided the market.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were trading with losses in mid-session deals. Shanghai was closed for the holidays.

Meanwhile, international oil benchmark Brent crude slipped 0.25 per cent to USD 82.50 per barrel.

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