Sensex Gains Over 250 Points Led By Financial, IT Stocks

Domestic stock markets started Thursday's session on a positive note, tracking gains in Asian shares which were boosted by the promise of ultra-easy monetary policy globally. The S&P BSE Sensex index rose as much as 0.77 per cent - or 292.91 points - to 38,364.04 in the first few minutes of trade, having opened with a gain of 0.50 per cent at 38,262.83. The broader NSE Nifty 50 benchmark climbed to as high as 11,277.90, up 0.67 per cent from its previous close. Gains across most sectors - led by banking, financial services and IT shares - pushed the markets higher. 

At 9:23 am, the Sensex traded 269.80 points - or 0.71 per cent - higher at 38,340.93, while the Nifty was at 11,272.15, up 69.30 points - or 0.62 per cent - from its previous close. 

In the 50-scrip Nifty basket, 36 stocks traded higher at the time. Wipro, Dr Reddy's, HCL Tech, Asian Paints and TCS, up between 1.34 per cent and 2.45 per cent each, were the top percetange gainers in the index.

On the other hand, Bharat Petroleum, Indian Oil and IndusInd Bank, trading between 2.17 per cent and 4.32 per cent lower, were the top Nifty losers.

TCS, Infosys and HDFC Bank were the biggest boosts to the Sensex, contributing more than 120 points to the gain in the index.

Reliance Industries shares fell as much as 1.12 per cent to Rs 2,072.30 apiece on the BSE, following days of record-breaking spree. The oil-to-telecom conglomerate will report its financial results for the April-June period later in the day.

Bharti Airtel shares rose 2.23 per cent to quote at Rs 579 on the bourse at the strongest level in morning deals, a day after the telecom major reported a 15.4 per cent increase in its revenue to Rs 23,938.7 crore in the June quarter.

Airtel's average revenue per user - a key measure of profitability - improved to Rs 157 per month in the quarter ended June 30 from Rs 129 in the corresponding period a year ago.

Equities in other Asian markets moved higher, with MSCI's broadest index of Asia Pacific shares outside Japan last seen trading 0.67 per cent higher. While Japan's Nikkei 225 benchmark was down 0.08 per cent at the time, China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's KOSPI indices were up 0.09 per cent, 1.15 per cent and 0.24 per cent respectively.

On Wednesday, the Federal Reserve left interest rates near zero to support the United States' coronavirus-battered economy, sending the dollar to a two-year trough.

All Fed members voted to leave the target range for short-term rates between 0 per cent and 0.25 per cent, where it has been since March 15 when the virus was beginning to hit the nation.

The unchanged policy setting together with a pledge the US central bank would use its "full range of tools" if needed boosted risk appetite overnight with all three Wall Street indices finishing 0.61-1.35 per cent stronger.