Sensex Rallies Over 300 Points in Early Trade, Nifty Above 12,900 Amid Positive Global Cues

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Equity benchmark Sensex rallied over 300 points in opening trade on Monday, tracking gains in index-heavyweights Reliance Industries, HDFC Bank and Infosys amid largely positive cues from global markets and sustained foreign fund inflow. After touching a lifetime intra-day high of 44,271.15, the 30-share BSE index was trading 309.36 points or 0.70 per cent higher at 44,191.61 in the opening session.

Similarly, the broader NSE Nifty rose 83.85 points or 0.65 per cent to 12,942.90. IndusInd Bank was the top gainer in the Sensex pack, surging around 5 per cent, followed by Bajaj Finserv, Bajaj Finance, Reliance Industries, ONGC, NTPC and Tata Steel.

On the other hand, HDFC, Asian Paints, ITC and Bharti Airtel were among the laggards. In the previous session, Sensex ended 282.29 points or 0.65 per cent higher at 43,882.25, while the Nifty rose 87.35 points or 0.68 per cent to close at 12,859.05.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 3,860.78 crore on Friday, according to provisional exchange data. Domestic equities are looking good at the moment supported by favourable global cues, said Binod Modi, Head-Strategy at Reliance Securities.

Heavy-weight financials are expected to do well in the backdrop of report of Internal Working Group of RBI suggesting various changes including higher promoters’ ownership and issuing universal banking license to large conglomerates and NBFCs. However, recent spike in COVID-19 cases in several states and night curfews imposed in select cities might be limiting any sharp upmove, he said.

Elsewhere in Asia, bourses in Shanghai and Seoul were trading in with gains in mid-session deals, while Hong Kong was in the red. Meanwhile, Brent crude futures, the global oil benchmark, were trading 0.40 per cent higher at USD 45.25 per barrel.