Sensex rallies over 500 points in early trade; Nifty tops 12,000 level



Equity benchmark Sensex rallied over 500 points in early trade on Thursday, tracking gains in index-heavyweights Reliance Industries, Infosys and SBI, amid positive cues from global markets.

The 30-share BSE index was trading 513.84 points or 1.27 per cent higher at 41,129.98.

Similarly, the broader NSE Nifty climbed 143.20 points or 1.20 per cent to 12,051.70.

SBI was the top gainer in the Sensex pack, surging over 5 per cent, followed by HCL Tech, Tech Mahindra, Asian Paints, Infosys, Tata Steel, TCS and Reliance Industries.

On the other hand, ONGC, and Titan were the laggards.

In the previous session, Sensex ended 355.01 points or 0.88 per cent higher at 40,616.14, while Nifty climbed 95 points or 0.80 per cent to 11,908.50.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 146.22 crore on a net basis on Wednesday, according to provisional exchange data.

According to Arjun Yash Mahajan, Head Institutional Business at Reliance Securities, Wall Street rebounded sharply for the third consecutive day despite the outcome of the presidential election looking to be too close.

"Looking at market reactions, it appears that investors seem to be cheering about the possibility of a divided USA government as political gridlock might not lead to increase in corporate tax rates," he said.

India's trade set up looks to be strong as of now mainly on global cues, he said, adding that volatility in the market may continue to persist.

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

Meanwhile, international oil benchmark Brent crude was trading 1.29 per cent lower at USD 40.70 per barrel. (PTI)