Mumbai: The market gained more than one percent in the early trade on Thursday, reclaiming its positive trend in global peers and oil rally.
The Sensex rose 297.08 points or 1.27 percent to 23678.95 and the Nifty jumped 86.90 points or 1.22 percent to 7195.35.
Both the Midcap and Smallcap indices gained more than one percent. The market breadth was strong as about five shares advanced for every share declining on the Bombay Stock Exchange.
Hindalco, Dr Reddy’s Labs, Tata Motors, ICICI Bank, ONGC, Bank of Baroda rallied 2-5 percent while Bharti Airtel and Idea Cellular traded in red.
The Indian rupee opened higher by eight paise at 68.39 per dollar today against 68.47 on Wednesday.
According to the experts, despite better-than-expected US industrial production data, the next Fed rate hike is unlikely to be before June 16. Given weak equity markets in India, the USD-INR is expected to trade today in a range of 68.30-68.60/dollar.
Asian markets were trading higher with Hang Seng and Nikkei gaining over two percent each following a strong close in the US and Europe market. US stocks closed more than 1.5 percent higher with their largest three-day gain since late August, helped by some recovery in oil prices and encouraging economic data.
In commodities, crude prices surged nearly eight percent overnight, after an unexpected drop in crude inventories. (ANI)